ECON Final Exam.docx - Scarcity occurs in both wealthy...

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Scarcity occurs in both wealthy societies and poor societies.a. Trueb.False
According to economists, one of the four broad categories of resources is money.
The effect of a decrease in interest rates upon economic growth is an example of positive economics.
Variables A and B are inversely related. If we plot A on the horizontal axis and B on the vertical axis, theline that connects combinations of A and B plotted in a two-variable diagram would be
The purpose of theceteris paribusassumption is to allow economists toa.determine the impact of several variables on another variable.b.determine the relationship among several variables.c.isolate the relationship between two variables.d.isolate the impact of one variable on several variables.
Two variables are independent if as one variable __________, the other variable __________.
The coordinates of point A are 30 units of X and 70 units of Y. The coordinates of point B are 28 units ofX and 76 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line betweenpoints A and B is
The need to make choices is most closely related to the economic concept of
Which of the following isnotone of the four broad categories of resources?a.capital
b.moneyc.entrepreneurshipd.labore.landThe slope of a horizontal line is always equal to zero.
If the economy is currently producing at a point on its production possibilities frontier (PPF), theeconomy is
Which of the following statements is true?
With respect to a PPF for goods X and Y, productive efficiency implies that in order to produce more ofgood X there will be a reduction in production of good Y.a. Trueb.False
If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the101st unit of good X is 5Y, then the opportunity cost of producing the 201st unit of good is X is
b.less than 1/5Y but more than zero.c.greater than 1/5Y but less than 5Y.d.greater than 5Y.

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