econ - problem set 1_ProblemSet

econ - problem set 1_ProblemSet - Take Assessment: Problem...

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Take Assessment: Problem Set 1 Name: Problem Set 1 Instructions: Further instructions on how to complete online problem sets can be found in then Problem Set Guide in the Course Information area. Multiple Attempts: This test allows multiple attempts. Force Completion: This test may be saved and resumed later. Question 1 Multiple Choice 5 points The country of Econoland produces two goods, textbooks and widgets. Last year it produced 200 textbooks and 500 widgets. This year it produced 250 textbooks and 600 widgets. Given no other information, which of the following could NOT explain the change? Econoland experienced a reduction in unemployment. Econoland experienced an improvement in widget-making technology. Econoland acquired more resources. None of the above are correct. Question 2 Multiple Choice 5 points Figure 2-9 Refer to Figure 2-9. Cups of coffee per day and the hours that someone can go without sleep have a positive correlation. a negative correlation. a random correlation. no correlation. Question 3 Multiple Choice 5 points An economic outcome is said to be efficient if the economy is
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using all of the resources it has available. conserving on resources and not using all it has. getting all it can from the scarce resources it has available. able to produce more than its current production without additional resources. Question 4 Multiple Choice 5 points The x-coordinate gives the diagonal location of the point. vertical location of the point. horizontal location of the point. the quadrant location of the point. Question 5 Multiple Choice 5 points By scientific method we mean the use of modern electronic testing equipment to understand the world. the dispassionate development and testing of theories about how the world works. the use of controlled experiments in understanding the way the world works. finding evidence to support preconceived theories about how the world works. Question 6 Multiple Choice 5 points Good assumptions can cause economists to leave out important variables which make their theories worthless. simplify the complex world and make it easier to understand. further complicate an already difficult topic. allow economists to see the 'big picture' instead of only small segments. Question 7 Multiple Choice 5 points Figure 2-2
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Refer to Figure 2-2. Firms are sellers in the goods and services market. the factors of production market. both markets. neither market. Question 8 Multiple Choice 5 points The Economic Life Cycle includes all of the following EXCEPT, incomes are low for young workers. fall sharply at retirement. rise as the worker gains experience. peak at around age 50. Question 9 Multiple Choice
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econ - problem set 1_ProblemSet - Take Assessment: Problem...

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