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For economists,conducting experiments is often difficult and sometimes impossible.

A) True
B) False

Correct Answer

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If an economy can produce more of one good without giving up any of another good,then the economy's current production point is inefficient.

A) True
B) False

Correct Answer

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Two variables that have a negative correlation move in opposite directions.

A) True
B) False

Correct Answer

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The concept of slope can be used to answer questions about how much one variable responds to changes in another variable.

A) True
B) False

Correct Answer

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Positive statements can be evaluated using data alone,but normative statements cannot.

A) True
B) False

Correct Answer

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Economists acting as scientists make positive statements,while economists acting as policy advisers make normative statements.

A) True
B) False

Correct Answer

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If a line passes through the points (20,5)and (10,10),then the slope of the line is -2.

A) True
B) False

Correct Answer

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The effects of foreign competition on the U.S.textile industry would be studied by a microeconomist rather than a macroeconomist.

A) True
B) False

Correct Answer

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A production possibilities frontier will be bowed outward if some of the economy's resources are better suited to producing one good than another.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.The opportunity cost of moving from point B to point A is zero. -Refer to Figure 2-14.The opportunity cost of moving from point B to point A is zero.

A) True
B) False

Correct Answer

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In surveys of professional economists,fourteen propositions were endorsed by an overwhelming majority of respondents.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.The opportunity cost of an additional doghouse increases as more doghouses are produced. -Refer to Figure 2-14.The opportunity cost of an additional doghouse increases as more doghouses are produced.

A) True
B) False

Correct Answer

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Microeconomics is the study of how households and firms make decisions and how they interact in specific markets.

A) True
B) False

Correct Answer

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In the circular-flow diagram,the two types of markets in which households and firms interact are the markets for goods and services and the markets for factors of production.

A) True
B) False

Correct Answer

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In the circular-flow diagram,payments for labor,land,and capital flow from firms to households through the markets for the factors of production.

A) True
B) False

Correct Answer

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If a major union goes on strike,then the country would be operating inside its production possibilities frontier.

A) True
B) False

Correct Answer

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When a production possibilities frontier is bowed outward,the opportunity cost of one good in terms of the other depends on how much of each good is being produced.

A) True
B) False

Correct Answer

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In the circular-flow diagram,one loop represents the flow of goods,services,and factors of production,and the other loop represents the corresponding flow of dollars.

A) True
B) False

Correct Answer

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In the markets for goods and services in the circular-flow diagram,households are buyers and firms are sellers.

A) True
B) False

Correct Answer

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When a production possibilities frontier is bowed outward,the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.

A) True
B) False

Correct Answer

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Showing 61 - 80 of 136

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