Ch. 1 Quiz

Instructions
Please read the questions carefully.

This assessment is worth 100 points.

  1. The "economic perspective" entails:   (4 points)

    a.  
    b.  
    c.  
    d.  

  2. The assertion that "There is no free lunch" means that:   (4 points)

    a.  
    b.  
    c.  
    d.  

  3. Learning economics:   (4 points)

    a.  
    b.  
    c.  
    d.  

  4. The basic purpose of the "other things equal" assumption is to:   (4 points)

    a.  
    b.  
    c.  
    d.  

  5. An hypothesis is:   (4 points)

    a.  
    b.  
    c.  
    d.  

  6. Macroeconomics can best be described as the:   (4 points)

    a.  
    b.  
    c.  
    d.  

  7. A normative statement is one which:   (4 points)

    a.  
    b.  
    c.  
    d.  

  8. Which of the following is a positive statement?   (4 points)

    a.  
    b.  
    c.  
    d.  

  9. Most of the disagreement among economists involves:   (4 points)

    a.  
    b.  
    c.  
    d.  

  10. The "after this, because of this" fallacy states that:   (4 points)

    a.  
    b.  
    c.  
    d.  

  11. "If you leave a football game at the end of the third quarter, you will avoid traffic and get home more quickly. Therefore, everyone should leave the game early." This illustrates the:   (4 points)

    a.  
    b.  
    c.  
    d.  

  12. Which of the following has to do with the problem of distinguishing cause and effect in economic reasoning?   (4 points)

    a.  
    b.  
    c.  
    d.  

  13. The fallacy of composition is essentially the error of:   (4 points)

    a.  
    b.  
    c.  
    d.  

  14. (Last Word) The economic perspective used in customer decision making at fast-food restaurants is reflected in:   (4 points)

    a.  
    b.  
    c.  
    d.  

  15. (Last Word) At fast-food restaurants:   (4 points)

    a.  
    b.  
    c.  
    d.  

  16. Macroeconomics explains the behavior of individual households and business firms; microeconomics is concerned with the behavior of aggregates or the economy as a whole.   (4 points)

    a.  
    b.  

  17. Rational behavior implies that everyone will make identical choices.   (4 points)

    a.  
    b.  

  18. If two variables are inversely related, then as the value of one variable:   (4 points)

    a.  
    b.  
    c.  
    d.  



  19. Answer on the basis of the relationships shown in the above four figures. The amount of Y is directly related to the amount of X in:   (4 points)

    a.  
    b.  
    c.  
    d.  

  20. Answer the next question(s) on the basis of the following data:





    The above data suggest that:   (4 points)

    a.  
    b.  
    c.  
    d.  

  21. Answer the next question(s) on the basis of the following five data sets wherein it is assumed that the variable shown on the left is the independent variable and the one on the right is the dependent variable. Assume in graphing these data that the independent variable is shown on the horizontal axis and the dependent variable on the vertical axis.



    Refer to the above data sets. The variables are directly related in:   (4 points)

    a.  
    b.  
    c.  
    d.  

  22. Answer the next question(s) on the basis of the following five data sets wherein it is assumed that the variable shown on the left is the independent variable and the one on the right is the dependent variable. Assume in graphing these data that the independent variable is shown on the horizontal axis and the dependent variable on the vertical axis.



    Refer to the above data sets. The vertical intercept is positive for:   (4 points)

    a.  
    b.  
    c.  
    d.  

  23. Answer the next question(s) on the basis of the following five data sets wherein it is assumed that the variable shown on the left is the independent variable and the one on the right is the dependent variable. Assume in graphing these data that the independent variable is shown on the horizontal axis and the dependent variable on the vertical axis.



    Refer to the above data sets. The equation for data set 5 is:   (4 points)

    a.  
    b.  
    c.  
    d.  

  24. If the equation y = 5 + 6x was graphed, the:   (4 points)

    a.  
    b.  
    c.  
    d.  





  25. In the above diagram the equation for this line is:   (4 points)

    a.  
    b.  
    c.  
    d.  



Portions copyright ©2005 The McGraw-Hill Companies.
Any use is subject to the Terms of Use and Privacy Policy.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.