Exam (elaborations)
Economics Chapter 1
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Exam of 6 pages for the course Economics at Economics (Economics Chapter 1)
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Economics Chapter 1Which of the following is most likely to be a negative unintended effect of placing safety caps on
medicine containers? - People leave their medicine containers open more often, which ends up
making it easier for children to get into the medicine.
Which of the following is not one of the four broad categories of resources? - government
Minerals, water, and forests are all considered to be part of the broad resource category known as
- land
Produced goods used as inputs for the production of other goods comprise the resource known as
- capital
To an economist, utility means: - satisfaction
The higher the opportunity cost of making a new friend, the more likely one is to make a new friend,
ceteris paribus - False
Some economic studies have shown that mandatory seat belt laws do not lead to a reduction in
traffic fatalities. - True
Refer to Exhibit 1-3. Based on the data provided in this table, if these data were plotted in a two-
variable diagram the result would be a ______________ sloping _____________. - downward;
(nonlinear) curve
Microeconomics is the branch of economics that deals with - human behavior and choices as
they relate to relatively small units --- an individual, a firm, an industry.
A person goes into a store and buys a computer for $1,210. In this case, price is acting as a
- rationing device.
, Variables A and B are directly related. If we plot A on the horizontal axis and B on the vertical
axis, the line that connects combinations of A and B plotted in a two-variable diagram would be -
upward-sloping (left to right)
Refer to Exhibit 1-2. Based on the data provided in this table, what type of relationship
exists between variables X and Y? - direct
If scarcity didn't exist, neither would - a and b
Refer to Exhibit 1-1. The efficient length of time for the student to study in the situation portrayed
in this diagram is - 6 hours
Which statement uses the term ceteris paribus correctly? - If you exercise regularly, you will
be healthier, ceteris paribus.
Which of the following pairs of variables is most likely to be directly related? - the number of
children in a family and the number of toys the family owns
The purpose of the ceteris paribus assumption is to allow economists to - isolate the
relationship between two variables.
To an economist, the terms factor and output are synonyms. - false
Positive economics is concerned with - cause-effect relationships
In every economy people vie for the economy's rationing device, a process called
- competition
Ceteris paribus means - "all other things constant" or "nothing else changes."
By looking at the different slices of a pie chart, and comparing one slice to another, it is possible to
quickly estimate - relative relationships.
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