Chapter 2

The x-coordinate
First number of an ordered pair and represents the point’s horizontal location.
Congress relies on economists at the Congressional Budget Office to
Provide independent evaluation of policy proposals.
Which of the following areas of study typifies macroeconomics as opposed to microeconomics?
The effect on the economy of changes in the nation’s unemployment rate.
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the
Amount of the other good that must be given up
The slope of a straight line is calculated by
• Rise divided by run
normative statement
• Gasoline prices ought to be lower than they are now.
• The federal government should raise taxes on wealthy people.
• The social security system is a good system and it deserves to be preserved as it is.
Who among the following individuals majored in economics as a college student?
• Mick Jagger, singer
• John Elway, National Football League quarterback
• Kofi Annan, United Nations Secretary General
Economics regard events from the past as
• Interesting and valuable, because those events are capable of helping us to understand the past, the present, and the future.
Because it is difficult for economists to use experiments to generate data, they generally must
• Use whatever data the world gives them.
True/False – If government regulations designed to protect wetlands removed very productive farmland from production, the production possibilities would shift inward.
True
In 2002, the Bush administration imposed temporary tariffs to protect domestic
Steel Producers
A survey of economists revealed that more than three-fourths of them agreed with a number of statements, including?
• A minimum wage increases unemployment among young and unskilled workers.
• A large federal budget deficit has an adverse effect on the economy.
• Tariffs and import quotas usually reduce general economic well-being.
Production is efficient if the economy is producing at a point
On the production possibilities frontier.
All of the following statements are correct.
• Theory and observation are important in economics as well as in other sciences.
• Relative to other scientists; economists find it more difficult to generate useful data.
• To obtain data, economists often rely upon the natural experiments offered by history.
The field of economics is traditionally divided into two broad sub-fields.
Microeconomics and macroeconomics
True/False – A production possibilities frontier is a graph that shows the various combinations of outputs the economy can produce given its factors of production and its technology.
True
The circular-flow diagram is a
• Visual model of how the economy is organized.
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