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Principles of Economics, 9th Edition Test Bank

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    Principles of Microeconomics , 9e - Test Item File 2 (Case/Fair/Oster) Chapter 1 The Scope and Method of Economics 1.1 Why Study Economics? 1 Multiple Choice 1) The reasons to study economics include which of the following? A) to be an informed voter B) to understand society and global affairs C) to learn a way of thinking D) all of the above Answer: D Diff: 1 Topic: Why Study Economics? Skill: Fact 2) Marginalism is A) the best alternative that we forego when making a decision. B) the study of how societies choose to use scarce resources. C) a market situation in which profit opportunities are eliminated almost instantaneously. D) the process of analyzing the additional costs or benefits arising from a decision. Answer: D Diff: 1 Topic: Why Study Economics? Skill: Definition 3) Economics is best defined as the study of A) financial decision - making. B) how consumers make purchasing decisions. C) choices made by people faced with scarcity. D) inflation, unemployment, and economic growth. Answer: C Diff: 2 Topic: Why Study Economics? Skill: Definition 4) The Industrial Revolution refers to the rise of the modern factory system in during the late eighteenth and early nineteenth centuries. A) the United States B) England C) France D) Germany Answer: B Diff: 1 Topic: Why Study Economics? Skill: Fact

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    5 ) Which o f the fo l lowing sta t ements is co r rect? A) Economics is a n a t u r a l sci e nce. B) In l a rge me a s ure, economics i s the s t u d y of how people make ch o ices. C) If poverty wa s e l imi n a t ed t here would b e no r e ason t o study eco n omics. D) Economic a n al y s i s c a n be used t o explain how societies, b ut not i n divi d u a l s , make decisions. Answer: B Di ff : 1 Topic: Why Study Economics? S k ill: Fact 6 ) Economics is the study of A) how t o invest in the stock market. B) how society uses li m i t ed r e sourc e s. C) the role o f m oney in m a rkets. D) how gover n ment officials deci d e whi c h goods and services a r e p r oduced. Answer: B Di ff : 2 Topic: Why Study Economics? S k ill: Definition 7 ) Costs th a t ca nnot be avo id ed, bec a us e t hey have alr e ady been i nc urred a r e kn o wn as A) differential c osts. B) m a rginal cos t s. C) opportunity c osts. D) sunk costs. Answer: D Di ff : 2 Topic: Why Study Economics? S k ill: Definition 8 ) Suppose th a t two weeks a g o you purchased a ticket t o the sympho n y for $4 0 . Las t week someone in v it ed you t o go camping on t he s a m e nig h t a s the sym p hony concert. You w o uld much r a th er go cam p ing t h a n go t o the symphony. Y ou h a ve tri e d unsuc c es s f u l l y t o s e ll the symphony c o ncert ticket. Which o f the fo l lowing sta t ements re g a r ding thi s sit u ation is correct? A) The $ 4 0 sym p hony ticket should be irrelevant in your decision m a k ing, because it represents th e m a rgin al c o st of going camping. B) The $ 4 0 y o u p a id for the symphony ticket sho u ld be irr e le v a nt in your decision m a king, because it i s a s u n k cost. C) The $ 4 0 y o u p a id for the symphony ticket is releva n t t o the decision, a s thi s r e presents the opportunity cost of going cam p ing. D) You sh o uld base your de ci sion on whether or not goin g cam p ing will provide you w i th more th a n $4 0 in s a t i sf a c tion. Answer: B Di ff : 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king

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    9 ) You have de c ided th a t y o u want t o a ttend a re n ai s s a n ce f a ir a s K i n g Hen r y VIII. You estim a te th a t it will c o st $8 0 t o as s e mb le your costu m e. A f t er spe n ding $ 8 0 on t he costume, you r e a l i z e th a t the additi o nal pieces y o u need will c ost you $2 0 m ore. The m a r g i n a l c o st of completing t he costume is A) $ 2 0. B) $ 6 0. C) $ 8 0. D) $ 10 0 . Answer: A Di ff : 2 Topic: Why Study Economics? S k ill: Analytic AACSB: Analytic S k il l s 1 0 ) The concept of opportuni t y cost c a n be appli e d t o the a n al y s i s o f de c ision - m a ki ng processe s . A) only econo m y - wide B) only g l obal C) only - smal l - s c ale D) any Answer: D Di ff : 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 1 1 ) That which w e fo r go, or giv e up, w h en we m a k e a c h oice or a decision is kno w n as A) equity. B) causatio n . C) correlation. D) opportunity c os t . Answer: D Di ff : 2 Topic: Why Study Economics? S k ill: Definition 1 2 ) Scar c e r e sou r ces g i v e r ise t o the concept of A) efficient m a r ke t s. B) opportunity c osts. C) l a is s e z - f a ire. D) positive eco n omics. Answer: B Di ff : 1 Topic: Why Study Economics? S k ill: Fact

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    1 3 ) Which o f the fo l lowing i s a n opportunity cost o f a ttending c o llege? A) the cost of y o ur a p ar tm ent or dorm B) the income yo u could h a v e earned if y o u d idn 't a ttend college C) the cost of th e food th a t y o u consume w hile you are attending coll e ge D) the edu c ation you gain fr o m a ttending c olle g e. Answer: B Di ff : 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 1 4 ) If y o ur tu i t i o n is $ 2 ,0 0 0 thi s sem e ster, yo ur books cos t $ 40 0 , you can only work 1 0 r a th er th a n 4 0 h o urs per week du r i n g the 1 5 w eeks you a r e t a k i n g c lass e s and you m a k e $1 2 per hour, and y o ur room and bo a rd is $ 4 , 0 0 0 thi s sem e st e r, then y o ur opportunity c o st of a ttending college this sem e ster is A) $ 2 ,40 0 . B) $ 2 ,76 0 . C) $ 7 ,80 0 . D) $ 1 1 ,8 0 0 . Answer: C Di ff : 3 Topic: Why Study Economics? S k ill: Analytic AACSB: Analytic S k il l s 1 5 ) If y o ur tu i t i o n is $2 0 , 0 0 0 t his semester, your books c ost $ 2 , 0 0 0 , y o u c a n only w ork 1 0 rather th a n 4 0 h o urs per week du r i n g the 1 5 w eeks you a r e t a k i n g c lass e s and you m a k e $1 5 per hour, and y o ur room and bo a rd is $ 8 , 0 0 0 thi s sem e st e r, then y o ur opportunity c o st of a ttending college this sem e ster is A) $ 2 2 ,0 0 0 . B) $ 2 2 ,1 5 0 . C) $ 2 8 ,7 5 0 . D) $ 3 6 ,7 5 0 . Answer: C Di ff : 3 Topic: Why Study Economics? S k ill: Analytic AACSB: Analytic S k il l s

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    1 6 ) If y o u own a condo and y o u de c ide t o l e ase it t o y o ur cousin A) there is no o p portunity cos t of l ea sing the condo because you own i t . B) there is a n o p portunity cos t of l ea sing the condo because you could have chos e n t o live in i t . C) there is no o p portunity cos t of l ea sing the condo because you coll e ct rent from yo ur cousi n . D) the only c o st rele v a nt t o this d ec i s i on is the price y o u p a id for the c ondo. Answer: B Di ff : 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 1 7 ) You own T he W e dd i n g Cras h er on DV D . The opportunity cost o f w a tching this D VD for the four t h t i me A) is zer o , s i nc e you own i t . B) is on e - f o ur t h the cost of th e DV D , a s thi s i s the four t h t i m e y o u h a v e watched i t . C) is the v a l ue o f the al t er n a ti ve use of the t i m e you sp e nd watchi n g t he DV D . D) must be the s a m e a s the opportunity cos t of w a tching it the first t i m e. Answer: C Diff: 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 1 8 ) Opportunity cost is A) what we g i v e up t o get s o mething else. B) m a rginal cost divided by s u n k c o st. C) the same a s r e a l cost. D) a l l o f the above Answer: A Di ff : 1 Topic: Why Study Economics? S k ill: Definition 1 9 ) Sunk costs A) are c o sts w h ich have been incur r ed. B) are c o sts w h ich cannot be avoid e d but have y et t o be in c urre d . C) the sum o f a l l m a rgin al c o sts. D) the sum o f a l l opportunity costs. Answer: A Di ff : 1 Topic: Why Study Economics? S k ill: Definition

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    2 0 ) If y o u c a n d o wnload 1 0 ri n g tones for y o ur c e ll phone for $ 1 0 o r y o u could do w nload 1 1 ring tones for your cell phone for $1 0 . 5 0 , the n the m a rgin al cost of the eleventh ri n g tone is A) $ 0 . 5 0. B) $ 1 0 .0 0. C) $ 1 0 .5 0. D) $ 2 0 .5 0. Answer: A Di ff : 2 Topic: Why Study Economics? S k ill: Analytic AACSB: Analytic S k il l s 2 1 ) If y o u e a t a t a Las veg a s casino th a t cha r ges $ 1 2 for i t s a ll you can e a t buffet, the n the m a rginal cost of your third trip t o the b u ffet is A) zero. B) $ 4 . C) $ 1 2. D) $ 3 6. Answer: A Di ff : 2 Topic: Why Study Economics? S k ill: Analytic AACSB: Analytic S k il l s 2 2 ) An effi c ient m a rket is a m a rket A) th a t deals in unli m i t ed reso ur ces. B) in which lo ng - term profits are g u a r an t e e d. C) in which profit opportunities are e li m in at ed a l most i n s t an t a ne o u s l y . D) in which the r e a r e no opportunity c o sts. Answer: C Di ff : 2 Topic: Why Study Economics? S k ill: Definition 2 3 ) If i n forma t i o n is more c o stly and le s s ea si l y a v a i l a bl e , then u su a l l y this A) m a kes m a rket s more e f f i c i en t. B) m a kes m a rket s le s s e f f i c i e nt. C) decreases profit oppor t uni t ies. D) decreases the opportunity c ost of a c q u ir i ng more info r ma t ion. Answer: B Di ff : 3 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king

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    2 4 ) The common way o f expr e ssi n g the e ffi c ient m a rket c oncept is A) " the only true m a rket is a p rofi t a b le m a r ket. " B) " there 's no suc h thing a s a free lunch. " C) " only w i t hout government interfere n ce c a n a m a rket survive . " D) " once a n effi c ient ma r ket, a l w a y s a n e ffi c ient ma r ket. " Answer: B Di ff : 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 2 5 ) Re l a t ed t o the Economics in Practice on p. 6 : An e x ample of a su n k c o st t o Apple in i t s production o f the iP o d is A) the $ 7 3 cost o f the Tos h iba hard driv e . B) the cost of c o nception and design of the iPod. C) the $ 8 0 v a lu e - a d ded r ecei v ed by Apple. D) the cost of a ll of the 4 5 1 c o mponents needed t o produce the iPo d . Answer: B Di ff : 2 Topic: Why Study Economics?: Ec o nomics in Prac t ice S k ill: Con c eptual AACSB: Reflective Thi n king 2 6 ) Re l a t ed t o the Economics in Practice on p. 6 : The opportunity c o st t o Apple o f h a v i ng i t s 3 0 - gi g a byte vide o iPod asse m b led in China is A) the low w a g e s paid t o C h inese workers. B) the $ 4 per un i t cost of a s s emb ly in Chin a . C) having the iPo d assembl e d in the next b est a v a i la b le loc a tion. D) the v a lue - ad d ed rec e ived b y Apple. Answer: C Di ff : 2 Topic: Why Study Economics?: Ec o nomics in Prac t ice S k ill: Con c eptual AACSB: Reflective Thi n king 2 Tru e /False 1 ) Res o urces are li m i t ed in bot h wealthy a n d poor so c i eties. Answer: TRUE Di ff : 1 Topic: Why Study Economics? S k ill: Fact 2 ) The v a lue o f t he best a l tern a t i v e forego n e is the s u n k cost of m a k i n g a de c isio n . Answer: FALSE Di ff : 1 Topic: Why Study Economics? S k ill: Fact

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    3 ) Opportunity costs ar i s e bec a use r e sour c es are li m i t e d . Answer: TRUE Di ff : 1 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 4 ) Sunk costs affect m a rginal decision m a k ing. Answer: FALSE Di ff : 2 Topic: Why Study Economics? S k ill: Con c eptual AACSB: Reflective Thi n king 5 ) Sunk costs a r e those th a t c a nnot be re ca ptured. Answer: TRUE Di ff : 1 Topic: Why Study Economics? S k ill: Fact 1.2 The Scope of Economics 1 Mu l ti p le Cho i ce 1 ) Microecono m i cs is best described a s the study of A) the choices m a de by i n dividual h o useh o lds, f i rms, a n d governme nt s. B) inf l a t io n , u ne mployment, gross natio n al product, a n d the nation 's economy a s a wh o le. C) how mar k ets in t eract in the a g gre g a t e e c onomy. D) m a rginal c h anges in the e c onomy. Answer: A Di ff : 2 Topic: The Scope of Economics S k ill: Definition 2 ) Macroecon o mics is best d escr i b ed a s th e stu d y of A) very l a rg e issues. B) the choices m a de by i n dividual h o useh o lds, f i rms, a n d governme nt s. C) the nation ' s economy a s a whole. D) the relations h ip between i n f l a t ion and w a ge in e q u a l i t y. Answer: C Di ff : 2 Topic: The Scope of Economics S k ill: Definition

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    3 ) Which o f the fo l lowing i s a microecon o mics qu e s t i o n ? A) Is it s ensi b le for a govern m ent t o sub s idize tobacco production? B) Why do some countri e s g r o w faster th a n others? C) Sho u ld Congress and the president t a k e ac t ion t o r e duce glo b al warmi n g? D) Sho u ld the government a t t e m pt t o infl u ence the in t e r est rate t o l o wer i n f l a t io n ? Answer: A Di ff : 2 Topic: The Scope of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 4 ) Which o f the fo l lowing i s a macroecon o mics qu e s t i o n ? A) Sho u ld we have a constitu t ional amen d ment t o b a l a nc e the f e de r a l budget? B) Why do e s a f i rm deci d e t o enter a p a r t i c u l a r m a rket? C) Sho u ld the government prevent the merger o f two l a rg e f i rms? D) Sho u ld the government put a t a x on a l coho l in a n a t t e m pt t o reduce high w a y f a t a l i t i es? Answer: A Di ff : 1 Topic: The Scope of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 5 ) We c a n u se macroecon o mic a na ly s is to A) le a rn how t o bal a nce a checkbook. B) study the ch o ices m a de by househ o lds. C) unders t a nd m a rginal c h anges in the m a croeconomy. D) unders t a nd why economies gro w . Answer: D Di ff : 1 Topic: The Scope of Economics S k ill: Fact 2 Tru e /False 1 ) The rate o f unemp l oymen t is a topic of microecono m i cs. Answer: FALSE Di ff : 1 Topic: The Scope of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 2 ) The rate o f i n f l a t ion is a top ic of macro e conomics. Answer: TRUE Di ff : 2 Topic: The Scope of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    1.3 The Method of Economics 1 Mu l ti p le Cho i ce 1 ) Which o f the fo l lowing i s a n example of a nor m ative question? A) How will a n incre a se in the price o f d ie se l f u e l a f fect truck d rive r s? B) What fr a ction of a n incom e - t a x re b a te c h eck will be s p ent on consumer goods? C) Sho u ld the government provide free prescription d r ugs t o lowe r - income citize n s? D) How will a n incre a se in the mini m um w a ge a ffect mi gr a nt workers? Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 2 ) The compilation of d a t a tha t describe p h enomena and f a ct s i s r e fer r ed t o as A) a n econo m ic model. B) Mar x ist ideology. C) a nor m ative statement. D) descriptive e c onomics. Answer: D Di ff : 2 Topic: The Method of Economics S k ill: Definition 3 ) The amount of exer c ise th a t one g e t s i s a n impor t ant fac t or in the de t ermina t i o n of h i s general state of health. Thi s i s best d esc r i b ed as A) a positive sta t ement. B) Mar x ist ideology. C) a nor m ative statement. D) descriptive e c onomics. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 4 ) Opportunity cost is A) the ad d i t io na l cost incu r r e d from the c o nsumption o f one more un i t of output. B) the cost invo l ved when c h oosing between altern a t ives. C) the cost of production w h ich cannot be recaptur e d. D) the total cost incur r ed fr o m the consumption of a d di t io n al o u tp u t . Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Definition

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    5 ) An a ppro a c h t o economics th a t a pplies st a t i s t i c a l techniques and d a t a t o e c onom ic problems is c a l l ed A) Ockha m ' s r a zo r. B) l a is s e z - f a ir e economics. C) positive eco n omics. D) normative e c onomics. Answer: C Di ff : 1 Topic: The Method of Economics S k ill: Fact 6 ) Normative e c onomics A) is the foc u s o f most moder n economic r e a s on ing. B) answe r s the question " W h at ought t o be ? " C) predicts the c onsequences of al t er n a t ive ac t ion s . D) answe r s the question " W h at is? " Answer: B Di ff : 1 Topic: The Method of Economics S k ill: Fact 7 ) Which o f the fo l lowing i s a q u es t i on a n swered w i t h n orm a t i ve ec o nomic r e aso n ing? A) If the colle g e offe r s free p a rk i ng for stu d ents, will mor e students d r ive t o campus? B) If the colle g e provided more finan c ial ai d assistanc e , would more students benefit? C) If the colle g e incr e a sed t ui t ion, w o uld class s i z e de c line? D) Sho u ld the c o lle g e c ut tui t ion t o stim u l ate enroll m ent? Answer: D Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 8 ) Which o f the fo l lowing i s a q u es t i on a n swered w i t h positive econ om ic a na ly s is? A) Sho u ld the c o lle g e o ffe r s f r ee p a rking f o r students? B) Sho u ld the c o lle g e provide more finan c ial ai d assistan c e? C) If the colle g e incr e a sed t ui t ion, w i l l c l a ss size decline? D) Sho u ld the c o lle g e c ut tui t ion t o stim u l ate enroll m ent? Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    9 ) The reoccu r r e nce of con t agious d is e a s es should be s i g n if ic a n tl y lowe r in a techn i c a l ly adv a n c ed n a t ion s u c h a s th e United S t ates. T h is stat e ment is best d escr i b ed as A) a nor m ative statement. B) a positive sta t ement. C) a d e scriptive economics statement. D) a n impli c a t i o n of a n e f f i c ien t market. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 0 ) There i s g r eat concern over the f a ct th a t global w a rm i ng i s c a u s ing permanent d a ma ge t o the global en v ir o nment. A s t u dy of the cos t s a n d benefits of p urch a si n g carbon offsets t o combat global w a rm i ng i s a n e x a m ple of A) labor econo m ics. B) normative e c onomics. C) positive eco n omics. D) l a is s e z - f a ir e economics. Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 1 ) The compilation of d a t a tha t describe p h enomena and f a ct s r e fers to A) descriptive e c onomics. B) normative e c onomics. C) l a is s e z - f a ir e economics. D) collec t ive ec o nomics. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Definition 1 2 ) An economist collecting data on the em p loyment benefits and s a l a rie s in the ch em ical enginee r ing industry is a n example of A) descriptive e c onomics. B) the f a l l acy of composi t ion. C) the post hoc f a l la c y. D) ceteris p a r ib u s. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    Refer to Scenario 1.1 b e l o w to answer t he qu e sti o ns that f o ll o w. SCEN A R IO 1. 1 : A scien t ist wants t o un d erstand the r e la t io n ship be t ween a u t omobile e m issio n s a n d the level of glo b al w a rmin g . T he scientist c o llects da t a on the volume o f a u t omobile em i s s i on s and the leve l s of g l oba l w a rm ing over time. The s c ie n t ist concludes th a t a 1 % in c rea s e in a u to mobile e m issions caus e s a 0 . 0 00 3 % incr e a se in ave r a g e glo b al temperatur e s. Fr o m this infor m a t ion he concludes th a t the au t omo bi le emissions are har m ful t o th e environme n t and sho u ld be redu c ed t o stop the inc r ease in glo b al temperatures. 1 3 ) Re f er t o Sce n ario 1.1. The statement th a t a 1 % incr e a se in the au t o m obile e m issi o ns caus e s a 0 . 0 00 3 % incr e a se in ave r a g e glo b al temper a t ures is a n example of A) positive eco n omics. B) descriptive e c onomics. C) normative e c onomics. D) Mar x ist eco n omics. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 4 ) Re f er t o Sce n ario 1.1. The statement, " aut omobile emissio n s are h a rm ful t o the e nvironment and sho u ld b e re d uced t o stop the incr e a se in glo b al temperatur e s , " is a n e x ample of A) positive eco n omics. B) descriptive e c onomics. C) normative e c onomics. D) Mar x ist eco n omics. Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 5 ) Re f er t o Sce n ario 1.1. The process o f c o llecting da t a o n a u t omobile emissions a n d glo b al warmi n g leve ls is a n exa m ple of A) la w and eco n omics. B) economic history. C) econometrics. D) descriptive e c onomics. Answer: D Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    1 6 ) Re f er t o Sce n ario 1.1. The statement th a t a n incr e a se in a u t omobile em i s s i on s ca u s es an incr e a se in global w a r m i n g i s a n e x ample of A) a n econo m ic t heory. B) descriptive r e aso n ing. C) deductive r e asonin g . D) normative e c onomics. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 7 ) Re f er t o Sce n ario 1.1. A g r aph of the volume of a u to mobile e m issions on one a x i s and the level of ave r age g l oba l te m p er a t ures on the other a x i s is a n exam p l e of A) a n econo m ic model. B) a n econo m ic t heory. C) a v a r i a ble theory. D) induc t ive r e asonin g . Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 8 ) By inv o king the assumpti o n of c eteris pa ri bus , economists A) consider the imp a ct of a l l r ele v a n t f a ctors. B) hold a l l v a r ia bles co n stant when a n a l y zi ng a model. C) iso l a t e the i m pact of o n e sin gle v a r i a b l e while hol d i n g a ll other vari a b les constant. D) exclu d e irrel e vant detail w hen a n a l y z i n g a model. Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 1 9 ) Ockha m ' s r a zo r is the principle th a t stat e s A) supply cr e a t e s i t s own d e mand. B) we must for e go somethi n g when makin g a de c isio n . C) costs which h a ve been in cu rred c a nnot b e av o ided. D) irrelevant d e t a i l sh o uld not be in c l u d ed i n a model. Answer: D Di ff : 2 Topic: The Method of Economics S k ill: Definition

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    2 0 ) The phr a se c e teris par i bus me a ns A) " scar c i ty is a f a ct of l if e . " B) " a l l e lse e q u a l . " C) " there is no s u c h thing a s a free lunch. " D) " everything a ffects everyt h ing e ls e . " Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Definition 2 1 ) The Latin phr a se ceteris par i bus me a n s th a t when a r e lations h ip between two v a ri a bles is being s t udi e d A) both are tre a te d a s unpredict a ble. B) neither of those two vari a b les is a llow e d t o change. C) a l l other v a ri a b l e s are held fix e d. D) we recog n ize th a t some fa ct ors a r e u n k n own. Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Definition 2 2 ) Isabel noted t h a t whenever she wor e her green conta c t lens e s, the C h i c a go W h ite Sox would win th a t eve n ing. Based on this observa t ion, she dev e loped the "gr e en - ey e s - for - White - Sox " theory of wi n ning. It is most l i ke l y true th a t Isabel A) showed go o d reasoni n g f o r the reason th e White Sox would win. B) committed the ceteris paribus erro r . C) committed the f a l l a c y o f c o mposi t ion. D) was too quick t o conclude t h a t corr e la t i o n imp l ies cau s a t i o n. Answer: D Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 2 3 ) Whenever a former gover n or is elected p resi d ent, the unemploym e nt rate de c reases; whenever a former congr e ssman is elected president, the in f la t ion r a t e in c re a se s . This statement is a n example of A) f a l l acy of c o mposi t ion. B) post h o c, e r g o pro m p t er hoc f a l la c y. C) ceteris par i bus f a l l ac y . D) f a l l acy of in d uc t ive r e aso n ing. Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    2 4 ) The errone ou s belief th a t what i s true for a p a rt is ne ces s a r i ly true for the wh o l e is referred to a s the A) f a l l acy of c o mposi t ion. B) post h o c, e r g o pro m p t er hoc f a l la c y. C) ceteris par i bus f a l l ac y . D) f a l l acy of in d uc t ive r e aso n ing. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Definition 2 5 ) The unempl o yment rate w a s f a l ling du r ing a l l o f the yea r s th a t I w a s a student, but a s soon a s I g r aduat e d, the unemployment r a t e started t o r is e . Ther e fore, the job m a rket was w a i t ing until I start e d looking for emp l oyment t o start t o go b ad. This stat e ment is a n e x ample of A) f a l l acy of c o mposi t ion. B) post h o c, e r g o pro m p t er hoc f a l la c y. C) ceteris par i bus f a l l ac y . D) f a l l acy of in d uc t ive r e aso n ing. Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 2 6 ) Res e arch co n ducted in border s t ates s u g g e s t s th a t sp e a ki n g a secon d l a ng u a g e i n creases the prospects for employment. Therefor e , we sho u ld r e q u i re a ll citize n s t o speak a se c ond lan gu a ge. Thi s statement is a n example of A) f a l l acy of c o mposi t ion. B) ceteris par i bus f a l l ac y . C) f a l l acy of in d uc t ive r e aso n ing. D) post h o c, e r g o pro m p t er hoc f a l la c y. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 2 7 ) Salary c a p s a r e imposed w hen l e a g ue of fi c i a ls b e lieve some football team owner s are taking adv a n t age of their deep pockets and buying more qua li t y p layers th a n the other o wners c a n a f ford t o b uy. Which of the fo l l owi n g c r iteria are they usi n g t o g u id e their ac t io n s? A) growth B) stabi l i t y C) efficien c y D) equity Answer: D Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    2 8 ) A governme n t policy th a t tries t o mini m i z e i n f l a t ion and unempl oy ment can best be describ e d a s t rying t o ac h i e ve economic A) growth. B) s t abi l i t y. C) profi t a b i l i t y. D) equity. Answer: B Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 2 9 ) The concept of e q u i t y w o uld explain the re d istri b ution from the r ich t o the poo r which is achiev e d fro m a t a x s ys te m th a t requi r es t a xe s to A) f a ll when in c ome rises. B) rise when in c ome rises. C) remain sta b le when inco m e rises. D) be unr e lated t o income. Answer: B Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 3 0 ) You know th a t the scho o l p a rking lot g e t s very co ng ested a b out 8 : 3 0 a.m. To a v oid this congestion, yo u s t art arri v i ng a t school a t 8 : 0 0 a.m. H o wever m a n y other studen t s make the same decisi o n, a n d now t he p a rking l o t becomes ver y cong e sted a t 8 : 0 0 a.m. T h is is an example of the A) f a l l acy of c o mposi t ion. B) ceteris par i bus f a l l ac y . C) f a l l acy of division. D) post h o c, e r g o pro m p t er hoc f a l la c y. Answer: A Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    3 1 ) You a l w a y s h a ve m a t h problems t o wor k in class w h enever y o u f o rget t o bring your cal c ulator t o school. Con c luding th a t fo rgett i n g your ca l c u l a t or ca us e s y o ur pr o fessor to as s ign m a t h problems is a n example of the A) f a l l acy of c o mposi t ion. B) f a l l acy of in d uc t ive r e aso n ing. C) ceteris par i bus condi t ion s . D) post h o c, e r g o pro m p t er hoc f a l la c y. Answer: D Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 3 2 ) At a N A SC A R r a ce, y o u s t and up t o s e e better. Ever y one else s t a n ds u p , a s well. This i s an example of A) the f a l l acy of composi t ion. B) the post hoc, e r g o pro mp ter hoc f a l la c y. C) ceteris par i bus . D) Ockha m ' s r a zo r. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 3 3 ) You have observed th a t e v ery t i m e you get a n ew t a t t oo the day before you t a ke a n e x am you g et a n A. You ther e fo r e conclude th a t t o get a n A on a n e x am, a l l y o u h a ve t o do i s g et a new tattoo the day before. You have committed the A) f a l l acy of division. B) f a l l acy of in d uc t ive r e aso n ing. C) post h o c, e r g o pro m p t er hoc f a l la c y. D) f a l l acy of c o mposi t ion. Answer: C Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    3 4 ) If y o u obser v e th a t Kelly Cl a r kson won Ameri c an Id o l 3 y e a r s before C a rrie Underwood won, a n d y o u conclude tha t Kelly Cl a r kso n winni n g c a u sed C a r r i e Underwood t o win 3 yea r s la t er, yo u would be guilty o f a n e rror c a l l ed the A) f a l l acy of in d uc t ive r e aso n ing. B) f a l l acy of cet e ris par i bus . C) f a l l acy of c o mposi t ion. D) post h o c, e r g o pro m p t er hoc f a l la c y. Answer: D Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 3 5 ) Two v a ri a b le s are sa id t o b e corr e lated if A) one v a ria b le c h a ng e s when the other v a ria b le changes. B) the fi r st v a riable cha n ges when the se c ond v a ria b le does not c h a n ge. C) the fi r st v a riable do e s not c h a nge w h en t he second v a ri a bl e c h ang e s. D) the v a ri a bles share no r e lation with each other. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Definition 3 6 ) The belief tha t what is true for a p a rt i s n eces s a r i l y tru e for the wh o l e d e scrib e s t he A) f a l l acy of c o mposi t ion. B) post h o c, e r g o pro m p t er hoc f a l la c y. C) f a l l acy of division. D) f a l l acy of in d uc t ive r e aso n ing. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Definition 3 7 ) Empiri c a l ec o nomics r e fe r s t o the A) exclusion o f irrele v a nt d a t a when a n a ly z ing a model. B) collec t ion a n d u s e of d a t a t o test economic theori e s. C) model o f ec o nomics used prior t o the I ndus t r ia l Re v olu t i o n . D) beli e f th a t w h at i s true for a p a rt i s ne c essarily true for the whole. Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Definition

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    3 8 ) A cha n ge in economic out p ut is potentially e fficient if the value of th e re s ul t i n g ga i ns the v a lue o f the r es u l t ing lo s s e s. A) exceeds B) is le s s th a n C) is eq u a l to D) is unr e lated to Answer: A Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 3 9 ) An effi c ient economy is a n economy th a t produces w h at d e m a n d and d oes so at the possible cost. A) consumers; h ighest B) consumers; l e ast C) the governm e nt; highest D) the governm e nt; l e ast Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Definition 4 0 ) An effi c ient m a rket is c ha rac t er i zed by the fact th a t profit oppor tu ni t ies a r e A) guaranteed t o everyon e . B) eli m ina t ed almost instan t a neou s l y. C) only pro v ided t o govern m en t - sub s i d iz e d producers. D) a v a i l a ble only t o the most efficient producers. Answer: B Di ff : 1 Topic: The Method of Economics S k ill: Fact 4 1 ) The fo u r c r i t eria th a t are f r equen t ly us e d in j ud g i ng the outcome o f economic p olicy are efficien c y, s ta bili ty , econ om ic growth, and A) equity. B) equality. C) profi t a b i l i t y. D) resolution. Answer: A Di ff : 1 Topic: The Method of Economics S k ill: Fact

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    4 2 ) You have noticed th a t there is a n inc r e as e in the n u mb er of homeless people in yo ur c i t y and a t the s a m e tim e you observe th a t there are a n u mb er of v a c a n t a partments. You believe th a t if l a nd l ords were r e quir e d t o rent their a partments for l e ss th a n t hey are c urr e ntly chargi ng , the governm e nt could re du ce the numbe r of homeless people . This policy reco m mendation would be mot i v a te d by c o ncerns over A) economic gr o wth. B) s t abi l i t y. C) profi t a b i l i t y. D) equity. Answer: D Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 4 3 ) Many econ o mists ar g ue t h a t items su c h a s food a n d clothing sh o uld be exem p t from s a les t a x because low - income p eop l e spe n d a gr e a ter percentage o f their income on these go o ds th a n do h i g h - income i n dividuals. Thi s a r gu m ent i s mot i v a te d by c o ncerns over A) economic s t a bili ty . B) economic gr o wth. C) equity. D) efficien c y. Answer: C Di ff : 3 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 4 4 ) The stateme n t "people sh o uld pollute a s li tt le a s possibl e " i s a n e x ample of a A) positive stat em ent. B) normative statement. C) fac tua l s t atement. D) non - ju d gme nt al statement. Answer: B Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 4 5 ) The stateme n t "the unemp l oyment rate i s 5. 1 % " i s a n example of a A) positive stat em ent. B) v a lue j udge m ent. C) normative statement. D) non - verifi a b le statement. Answer: A Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king

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    2 Tru e /False 1 ) Positive eco n omics qu e s t i o ns " W h at ough t t o be? " N o rmative eco n omics predic t s the consequences of al t er n a t ive ac t io n s, answering the questio n s " W h at is? " or " W h at will be ? " Answer: FALSE Di ff : 2 Topic: The Method of Economics S k ill: Definition 2 ) Normative e c onomics qu est i ons " W h at o ught t o be? " Po si t i v e econ o mics predicts the consequences of al t er n a t ive ac t io n s, answering the questio n s " W h at is? " or " W h at will be ? " Answer: TRUE Di ff : 2 Topic: The Method of Economics S k ill: Definition 3 ) An effi c ient economy is o n e th a t produces w h at the government demands and does so a t the le a st pos s ible cost. Answer: FALSE Di ff : 2 Topic: The Method of Economics S k ill: Definition 4 ) " Post hoc, er g o prompter hoc " l i t er a lly tr an s la t ed means, " a l l e lse e q u a l . " Answer: FALSE Di ff : 2 Topic: The Method of Economics S k ill: Definition 5 ) Normative e c onomics see k s t o un d erstand beh a v ior, but not m a ke judgments. Answer: FALSE Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 6 ) S t ab i li t y imp l ies a stea d y r a t e of econ om ic growth r eg a r dl e ss o f t he i n f l a t ion r a t e. Answer: FALSE Di ff : 2 Topic: The Method of Economics S k ill: Con c eptual AACSB: Reflective Thi n king 7 ) The compilation of d a t a t o describe ph e nomena and f a ct s is known a s empi r ical economics. Answer: FALSE Di ff : 2 Topic: The Method of Economics S k ill: Definition

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    1.4 Appendix: How to Read and Understand Graphs 1 Mu l ti p le Cho i ce Refer to the information p rovided in Figure 1 . 1 b e l o w to answer t he qu e sti o ns that f o ll o w. Figu r e 1 . 1 1 ) Re f er t o F i g u r e 1.1. The r e lat i on sh i p bet w een the d a i ly temperature and the n u mb er of gallons of ice cream p urch a sed demo n strates A) a n in f i ni t e sl o pe. B) a negative s l ope. C) a positive sl o pe. D) a zero slop e . Answer: C Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    Refer to the information p rovided in Figure 1 . 2 b e l o w to answer t he qu e sti o ns that f o ll o w. Figu r e 1 . 2 2 ) Re f er t o F i g u r e 1.2. The sl o pe of the line between Poi n ts A and B is A) positive and increasin g . B) positive and constant. C) negative a n d decreasi n g. D) negative a n d constant. Answer: B Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 3 ) Re f er t o F i g u r e 1.2. If the slop e of a straight line i s - 2 . and if X ( t he v a ria b le on th e horizontal ax i s) decr e a s e s by 8 , then Y ( t he vari a b le on the vertical axi s ) w i ll A) incr e a se b y 4. B) decrease by 4. C) incr e a se b y 1 6 . D) decrease by 1 6 . Answer: C Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    4 ) Re f er t o F i g u r e 1.2. The sl o pe of the line between Poi n ts A and B is A) 0 . 2 5 . B) 4. C) - 0.2 5 . D) - 4. Answer: A Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s Refer to the information p rovided in Figure 1 . 3 b e l o w to answer t he qu e sti o ns that f o ll o w. Figu r e 1 . 3 5 ) Re f er t o F i g u r e 1.3. The sl o pe of the line is A) negative. B) incr e a si n g a t a de c reasi n g rate. C) decreasi n g a t a n incr e a si n g rate. D) positive Answer: D Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 6 ) Re f er t o F i g u r e 1.3. The sl o pe of the line between Poi n ts D and B is A) 1 . 5. B) - 0.6 7 . C) - 1.5. D) 0 . 6 7 . Answer: D Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    7 ) Re f er t o F i g u r e 1.3. The sl o pe of the line between Poi n ts A a nd B is A) 1 . 5. B) - 0.6 7 . C) - 1.5. D) 0 . 6 7 . Answer: D Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 8 ) Re f er t o F i g u r e 1.3. If a 4 5 d egree line were also g r ap h ed, it would the l i ne shown on the g r aph. A) lie above B) lie below C) cross D) inde t ermi n a n t from this i nf orma t ion Answer: A Di ff : 3 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 9 ) Re f er t o F i g u r e 1.3. At Poi n t C , what is th e value of Y ? A) 2 B) 4 C) 6 D) inde t ermi n a t e from th is i n forma t ion Answer: B Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 1 0 ) Re f er t o F i g u r e 1.3. At Poi n t A the s l op e of the l i ne is 0.6 7 , so a t P o i n t C the slope would be A) greater th a n 0.6 7 . B) less th a n 0 .6 7. C) equal t o 0. 6 7 . D) inde t ermi n a t e from th is i n forma t io n . Answer: C Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    Refer to the information p rovided in Figure 1 . 4 b e l o w to answer t he qu e sti o ns that f o ll o w. Figu r e 1 . 4 1 1 ) Re f er t o F i g u r e 1.4. P a ne l A shows a c ur v e which h a s a slope th a t is A) fi r st positive, then zer o , a n d then negative. B) fi r st negative, then ze r o, a n d then posi t i ve. C) infi n i t e throughout. D) zero thr o ug h out. Answer: B Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    1 2 ) Re f er t o F i g u r e 1.4. P a ne l B shows a c ur v e which h a s a slope th a t is A) fi r st positive and then n e g a t ive. B) fi r st negative and then positive. C) infi n i t e throughout. D) zero thr o ug h out. Answer: A Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 1 3 ) Re f er t o F i g u r e 1.4. P a ne l C shows a c ur v e which h a s a slope th a t is A) fi r st positive and then n e g a t ive. B) fi r st negative and then positive. C) infi n i t e throughout. D) zero thr o ug h out. Answer: D Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 1 4 ) Re f er t o F i g u r e 1.4. P a ne l D shows a c ur v e which h a s a slope th a t is A) fi r st positive and then n e g a t ive. B) fi r st negative and then positive. C) infi n i t e throughout. D) zero thr o ug h out. Answer: C Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 1 5 ) Re f er t o F i g u r e 1.4. At Poi n t E in p a n e l A , the s l op e is A) infi n i t e. B) zero. C) negative. D) inde t ermi n a t e from th is i n forma t io n . Answer: B Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    1 6 ) The slope of a st r a ight l i ne A) is al w a y s positive. B) must first in c rea s e then d e crease. C) is not co n s t a nt. D) is co n stant. Answer: D Di ff : 1 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Fact 1 7 ) The slope of a vertical l i ne is A) negative. B) zero. C) continu a l l y c h a ngi n g. D) infi n i t e. Answer: D Di ff : 1 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Fact 1 8 ) If the s l op e o f a straight l i n e is 5 a n d i f X ( t he vari a b le on the horiz o ntal ax i s) inc r eas e s by 4, then Y ( t he v a r i a ble on the vertical ax i s) will A) decrease by 0. 8 . B) decrease by 2 0 . C) incr e a se b y 0 . 8. D) incr e a se b y 2 0 . Answer: D Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s 1 9 ) If the s l op e o f a straight l i n e is 6 a n d i f Y ( t he vari a b le on the vertical axi s ) d ecr ea ses by 6 0 , then X ( t he v a r i a ble on the horizontal a x is) A) incr e a ses by 1 0 . B) decreases by 1 0 . C) incr e a ses by 6 0 0. D) decreases by 6 0 0. Answer: B Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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    2 0 ) The slope of a horizon t al lin e is A) zero. B) infi n i t e. C) continu a l l y c h a ngi n g. D) negative. Answer: A Di ff : 1 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Fact Refer to the information p rovided in Figure 1 . 5 b e l o w to answer t he qu e sti o ns that f o ll o w. Figu r e 1 . 5 2 1 ) Re f er t o F i g u r e 1.5. P a ne l A shows a c ur v e with a s l op e th a t is A) positive and increasin g . B) positive and decreasi n g. C) negative a n d incr e a si n g. D) negative a n d decreasi n g. Answer: A Di ff : 2 Topic: Appendix: Ho w to Read and Understand G r aphs S k ill: Analytic AACSB: Analytic S k il l s

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