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Title: Started: Submitted: Time spent: Sample Test for Chapter 1 (Optional) February 25, 2009 11:51 AM February 25, 2009 11:53 AM 00:01:12 Total score adjusted by 0.0 Maximum possible score: 20 Total score: 4/20 = 20% Done 1. The slope of a straight line can be determined by: Student Response A. comparing the absolute horizontal change to the absolute vertical change between two points on the line. B. comparing the absolute vertical change to the absolute horizontal change between two points on the line. C. taking the reciprocal of the vertical intercept. D. comparing the percentage vertical change to the percentage horizontal change between two points on the line. Score: 2. 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. 0/1 Correct Answer Refer to the above data sets. The equation for data set 3 is: Student Response A. P = 90 - .5N . B. P = 90 + .5N . C. P = .5N . D. P = 40 + .5N . Correct Answer Score: 3. 1/1 Refer to the above diagram. Which line(s) show(s) a negative relationship between x and y? Student Response A. A only B. both A and D C. A, B, and D D. both C and E Score: 4. The amount of pizzas that consumers want to buy per week is reflected in the equation P = 15 .02 Q d, where Q d is the amount of pizzas purchased per week and P is the price of pizzas. On the basis of this information we can say that: Student Response A. if pizzas were free, people would consume 800 per week. B. more pizzas will be purchased at a high price than at a low price. C. if the price of pizzas is $6, then 150 will be purchased. D. 50 fewer pizzas will be purchased per week for every $1 increase in price. Score: 0/1 Correct Answer 0/1 Correct Answer 5. Marginal costs exist because: Student Response A. the decision to produce more of some product means the sacrifice of other products. B. wants are scarce relative to resources. C. households and businesses make rational decisions. D. most decisions do not involve sacrifices or tradeoffs. Score: 6. The "fallacy of composition" states that: Student Response A. because economic systems are comprised of so many diverse economic units economic laws are necessarily inexact. B. the anticipation of a particular event can affect the nature or composition of that event when it occurs. C. what is true for the individual must necessarily be true for the group. D. because event A precedes event B, A is necessarily the cause of B. Score: 7. Which of the following best illustrates the post hoc, ergo propter hoc fallacy? Student Response A. Because it was 90 degrees today, I worked up a sweat playing tennis. B. I took the day off work to go to the beach and that's why it rained. C. Because it rained at the football game, my new sweater got wet. D. Because I have studied diligently this semester, my grade average has improved. Score: 8. A positive statement is concerned with: Student Response A. some goal that is desirable to society. B. what should be. C. what is. Correct Answer 0/1 Correct Answer 0/1 Correct Answer 1/1 Correct Answer D. the formulation of economic policy. Score: 9. Rational behavior suggests that: Student Response A. everyone will make identical choices. B. resource availability exceeds economic wants. C. individuals will make different choices because their preferences and circumstances differ. D. an individual's economic goals cannot involve tradeoffs. Score: 10. The post hoc fallacy and the correlation problem both relate to: Student Response A. the calculation of marginal costs and marginal benefits of any economic activity. B. the issue of determining causation. C. the frequent inability of households and businesses to behave rationally. D. the tradeoff problem associated with competing goals. Score: 11. If there is a tradeoff between goals A and B: Student Response A. greater fulfillment of A means lesser fulfillment of B. B. goals A and B are positively correlated. C. causation exists between the two goals. D. greater fulfillment of A means greater fulfillment of B. Score: 12. The safest way for an individual to leave a burning theater is to run for the nearest exit; it is therefore also the best means of escape for a large audience. This illustrates the: Student Response A. "after this, therefore because of this" fallacy. Correct Answer 1/1 Correct Answer 0/1 Correct Answer 0/1 Correct Answer 0/1 B. correlation fallacy. C. fallacy of composition. D. fallacy of limited decisions. Score: 13. The study of economics is primarily concerned with: Student Response A. keeping private businesses from losing money. B. demonstrating that capitalistic economies are superior to socialistic economies. C. choices that are made in seeking to use scarce resources efficiently. D. determining the most equitable distribution of society's output. Score: 14. Which of the following terms implies the greatest degree of confidence in an economic generalization? Student Response A. a hypothesis B. a theory C. a principle D. an anomaly Score: 15. If the equation y = -10 + 2.5 x was plotted: Student Response A. the vertical intercept would be -10. B. the slope would be -7.5. C. it would graph as a downsloping line. D. the slope would be -10. Score: 16. Which of the following statements is correct? Student Response Correct Answer 1/1 Correct Answer 0/1 Correct Answer 0/1 Correct Answer 0/1 A. The value of the independent variable is determined by the value of the dependent variable. B. The value of the dependent variable is determined by the value of the independent variable. C. The dependent variable designates the "cause" and the independent variable the "effect." D. Dependent variables graph as upsloping lines; independent variables graph as downsloping lines. Score: 17. Positive statements are expressions of value judgments. Student Response A. True B. False Score: 18. Theoretical economics: Student Response A. is also known as "policy economics." B. is the process of deriving principles of economics. C. is highly impractical since it does not deal with the real world. D. rejects the scientific method as being inappropriate for the social sciences. Score: 19. Economic theories: Student Response A. are useless because they are not based on laboratory experimentation. B. which are true for individual economic units are never true for the economy as a whole. C. are generalizations based on a careful observation of facts. D. are abstractions and therefore of no application to real situations. Score: 20. 0/1 Correct Answer 0/1 Correct Answer 0/1 Correct Answer 0/1 In the above diagram variables x and y are: Student Response A. both dependent variables. B. directly related. C. inversely related. D. unrelated. Score: 0/1 Correct Answer Done ...
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This note was uploaded on 02/25/2009 for the course ACC 101 taught by Professor Fried during the Spring '09 term at Coastline Community College.
- Spring '09