Pre-Test Chap 01 e18 - Pre-Test Chap 01 e18 Student: _ 1....

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Pre-Test Chap 01 e18 Student: ___________________________________________________________________________ 1. Which of the following is an example of a positive economic statement? A. Nigeria should be given more foreign aid to foster economic development B. The minimum wage should be raised to help low-income workers C. The size of the Federal government should be reduced D. Education and income are highly correlated 2. There are two sets of x,y points on a straight line in a two-variable graph with y on the vertical axis and x on the horizontal axis. If one set of points was (0,6) and the other set (6,18), the linear equation for the line would be: A. y = 6x B. y = 6 + .5x C. y = 6 + 1x D. y = 6 + 2x 3. The linear equation for line (1) on the above graph is: A. y = 8 + 2x B. y = 8 + .5x C. x = 8 + .5y D. y = 8 - 2x
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4. Developing economic principles or explanations about how individuals behave or institutions act is referred to as: A. Microeconomics B. Macroeconomics C. Normative economics D. Economic theory 5. The slope of a straight line is the ratio of the: A. Absolute horizontal change to the absolute vertical change between two points on the line B. Absolute vertical change to the absolute horizontal change between two points on the line C. Horizontal intercept to the absolute vertical change D. Vertical intercept to the absolute horizontal change (The following economy produces two products.) 6. Refer to the above table. The marginal opportunity cost of the fourth unit of tanks is: A. 200 B. 300 C. 350 D. 650 7. Increases in resources or improvements in technology will tend to cause a society's production possibilities curve to: A. Shift inward or to the left B. Shift outward or to the right C. Become horizontal D. Become vertical 8. Opportunity cost is best defined as: A. Marginal cost minus marginal benefit B. The time spent on an economic activity C. The value of the best foregone alternative D. The money cost of an economic decision
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9. Which would not be considered as capital (or an economic resource) by an economist? A. A share of corporate stock issued by General Motors
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Pre-Test Chap 01 e18 - Pre-Test Chap 01 e18 Student: _ 1....

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