chapter 1 students
TRANSCRIPT
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Principles of Macroeconomics, (Case/Fair/Oster) Chapter 1
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The Scope and Method of Economics
1.1
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Why Study Economics?
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Multiple Choice
1)
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Which of the following is the best definition of economics? A)
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the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
B)
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the study of how consumers spend their income C)
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the study of how business firms decide what inputs to hire and what outputs to produce D)
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the study of how the federal government allocates tax dollars
2)
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You have decided that you want to attend a costume party as Ironman. You estimate that it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that the additional pieces you need will cost you $25 more. The marginal cost of completing the costume is
A)
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$15. B)
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$25. C)
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$40. D)
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$65.
3)
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Opportunity cost is A)
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that which we forgo, or give up, when we make a choice or a decision. B)
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a cost that cannot be avoided, regardless of what is done in the future. C)
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the additional cost of producing an additional unit of output. D)
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the additional cost of buying an additional unit of a product.
4)
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The reason that opportunity costs arise is that A)
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an economy relies on money to facilitate exchange of goods and services. B)
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resources are scarce. C)
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there are no alternative decisions that could be made. D)
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people have limited wants.
5)
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Which of the following is NOT an opportunity cost of attending college? A)
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the tuition you pay B)
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the income you could have earned if you didn't attend college C)
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the alternative uses of the time you spend studying D)
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the cost of the food that you consume while you are attending college
6)
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If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $3000 this semester, then your opportunity cost of attending college this semester is
A)
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$5,600. B)
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$5,900. C)
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$10,100. D)
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$11,600.
7)
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If you can buy 9 DVDs for $126 or you could buy 10 DVDs for $130, then the marginal cost of the tenth DVD is:
A)
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$4. B)
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$13. C)
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$14. D)
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$130.
2
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True/False
9)
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Resources are unlimited in a wealthy society. 10)
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The value of the best alternative foregone is the opportunity cost of making a decision. 11)
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Opportunity costs arise due to scarce resources.
1.2
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The Scope of Economics
1
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Multiple Choice
12)
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Studying how the management of Hewlett Packard decides how many computers to produce and the price to charge for its computers would be considered
A)
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descriptive economics. B)
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empirical economics. C)
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microeconomics. D)
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macroeconomics.
13)
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The study of how benefits are determined for city employees would be considered A)
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microeconomics. B)
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macroeconomics. C)
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descriptive economics. D)
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institutional economics.
14)
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Inflation and unemployment A)
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are the focus of normative economics. B)
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are a focus of microeconomics. C)
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are a focus of positive economics. D)
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are a focus of macroeconomics.
2
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True/False
15)
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The rate of economic growth is a topic of microeconomics. 16)
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The aggregate price level is a topic of macroeconomics.
1.3
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The Method of Economics
1
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Multiple Choice
17)
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The principle that irrelevant detail should not be included in a model is known as A)
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Say's Identity. B)
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ceteris paribus. C)
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Ockham's razor. D)
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Hobson's choice.
18)
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Economists use the phrase "ceteris paribus" to express the assumption A)
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"all else equal." B)
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"everything affects everything else." C)
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"scarcity is a fact of life." D)
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"there is no such thing as a free lunch."
19)
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Two variables are said to be ________ if one variable changes when the other variable changes.
A)
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causally related B)
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correlated C)
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statistically related D)
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dependent
20)
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An efficient economy is an economy A)
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in which output is steady or growing and there is low inflation. B)
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that produces what consumers demand and does so at the least possible cost. C)
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that distributes output equally among all consumers. D)
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in which there is a fair distribution of wealth.
21)
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An efficient market is characterized by the fact that A)
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output is steady or growing and there is low inflation. B)
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profit opportunities are eliminated almost instantaneously. C)
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there are no opportunity costs. D)
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wealth is distributed fairly.
22)
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The four criteria that are frequently used in judging the outcome of economic policy are A)
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efficiency, equity, stability, and economic growth. B)
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efficiency, equality, stability, and economic growth. C)
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efficiency, equality, profitability, and stability. D)
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efficiency, equity, profitability, and stability.
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True/False
23)
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An efficient economy is one that produces what consumers demand and does so at the least possible cost.
24)
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"Ceteris paribus" literally translated means, "buyer beware."
1.4
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Appendix: How to Read and Understand Graphs
1
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Multiple Choice
Refer to the information provided in Figure 1.1 below to answer the questions that follow.
Figure 1.1
25)
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Refer to Figure 1.1. There is ________ relationship between the daily temperature and the number of gallons of ice cream purchased.
A)
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a negative B)
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a positive C)
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either a negative or a positive D)
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an inverse
Refer to the information provided in Figure 1.2 below to answer the questions that follow.
Figure 1.2
26)
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Refer to Figure 1.2. The slope of the line between Points A and B is A)
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0.4. B)
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1.2. C)
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2.5. D)
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indeterminate from this information.
Refer to the information provided in Figure 1.3 below to answer the questions that follow.
Figure 1.3
27)
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Refer to Figure 1.3. The slope of the line is A)
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positive. B)
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negative. C)
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increasing at an increasing rate. D)
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decreasing at an increasing rate.
28)
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Refer to Figure 1.3. The slope of the line between Points B and D is A)
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-0.33. B)
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-3. C)
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0.33. D)
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3.
29)
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Refer to Figure 1.3. The slope of the line between Points D and C is A)
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-0.33. B)
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-3. C)
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0.33. D)
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3.
Refer to the information provided in Figure 1.4 below to answer the questions that follow.
Figure 1.4
30)
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Refer to Figure 1.4. Which of the curves or lines has a slope that is first positive and then negative?
A)
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A B)
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B C)
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C D)
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D
31)
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Refer to Figure 1.4. Which of the curves or lines has a slope that is negative and then positive?
A)
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A B)
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B C)
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C D)
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D
32)
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Refer to Figure 1.4. Which of the following curves or lines has a zero slope throughout? A)
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A B)
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B C)
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C D)
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D
33)
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Refer to Figure 1.4. Which of the curves or lines has an infinite slope throughout? A)
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A B)
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B C)
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C D)
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D
34)
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Refer to Figure 1.4. At Point E in panel A, the slope is A)
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zero. B)
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infinite. C)
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negative. D)
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indeterminate from this information.
35)
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The slope of a non-linear curve A)
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is always positive. B)
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must first increase then decrease. C)
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is not constant. D)
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is constant.
36)
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The slope of a horizontal line is A)
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negative. B)
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zero. C)
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continually changing. D)
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infinite. Answer :
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B Diff: 1 Topic :
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Appendix: How to Read and Understand Graphs Skill :
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Fact
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