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Exam 1: The Scope and Method of Economics

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Question 81

Multiple Choice

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You have observed that every time you get a new tattoo the day before you take an exam you get an A. You therefore conclude that to get an A on an exam, all you have to do is get a new tattoo the day before. You have committed the

A) fallacy of division.
B) fallacy of inductive reasoning.
C) post hoc, ergo propter hoc fallacy.
D) Ockham's fallacy.

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Question 82

Multiple Choice

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Positive economics is an approach to economics that

A) seeks to understand behavior and the operation of systems while making judgments about their usefulness to society.
B) analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe preferred courses of action.
C) seeks to understand behavior and the operation of systems without making judgments.
D) examines the role of government in the economy.

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Question 83

Multiple Choice

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Refer to the information provided in Figure 1.4 below to answer the question(s) that follow. Figure 1.4 -Refer to Figure 1.4. Which of the Panels shows a curve or line that has an infinite slope throughout?

The branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units is

A basic understanding of economics is needed to be an informed citizen.

The Latin phrase ceteris paribus means that when a relationship between two variables is being studied

The aggregate price level is a topic of macroeconomics.

If you own a building and you decide to use that building to open a book store,

Refer to the information provided in Figure 1.4 below to answer the question(s) that follow. Figure 1.4 -Refer to Figure 1.4. Which of the Panels shows a curve or line that has a zero slope throughout?

The value of the best alternative foregone is the opportunity cost of making a decision.

Refer to the information provided in Figure 1.6 below to answer the question(s) that follow. Figure 1.6 -Refer to Figure 1.6. The slope of the line between Points A and B is

Stability implies a steady rate of economic growth with full employment of resources.

Refer to the information provided in Figure 1.4 below to answer the question(s) that follow. Figure 1.4 -Refer to Figure 1.4. At Point E in Panel A, the slope is

Refer to the information provided in Figure 1.4 below to answer the question(s) that follow. Figure 1.4 -Refer to Figure 1.4. Panel C shows a curve which has a slope that is

The concept of equity would explain the redistribution from the rich to the poor which is achieved from a tax system that requires taxes to

Which of the following is not one of the three fundamental concepts of economics?

If you own a condo and you decide to lease it to your cousin,

Normative economics ________ and positive economics ________.

Refer to Scenario 1.1 below to answer the question(s) that follow. SCENARIO 1.1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers. -Refer to Scenario 1.1. The collection and use of the data on minimum wage and teenage unemployment over time is an example of

Related to the Economics in Practice on p. 6: According to the Economics in Practice, ________ of the $10 retail value of a Barbie doll is captured in the United States.