Exam 1-45 Econ ch. 1-5

# Exam 1-45 Econ ch. 1-5 - 1 Question#1 The alternative...

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1. Question #1 The alternative combinations of two goods which a consumer can purchase with a given money income is shown by: Student Response Value Correct Answer Feedback A.a production possibilities curve. B.a demand curve. C.consumer expenditure line. D.a budget line. 100% Score: 2/2 Comments: 2. Question #2 Refer to the above diagram. The equation that shows the relationship between Y and X is: Student Response Value Correct Answer Feedback A. Y = 50 + 1 / 4 X . 100% B. X = 1 / 4 Y . C. Y = .4 X . D. Y = 1 / 4 X - 50. Score: 2/2 Comments: 3.

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Question #3 If two variables are inversely related, then as the value of one variable: Student Response Value Correct Answer Feedback A.increases, the value of the other may either increase or decrease. B.decreases, the value of the other decreases. C.increases, the value of the other decreases. 100% D.increases, the value of the other increases. Score: 2/2 Comments: 4. Question #4 Refer to the above diagram. The variables X and Y are: Student Response Value Correct Answer Feedback A.inversely related. B.directly related. 100% C.unrelated. D.negatively related. Score: 2/2 Comments:
5. Question #6 Refer to the above diagram for athletic shoes. If the current output of shoes is Q 3 , then: Student Response Value Correct Answer Feedback A.society should produce fewer shoes to achieve the optimal allocation of resources. 100% B.society should produce more shoes to achieve the optimal allocation of resources. C.resources are being allocated efficiently to the production of shoes. D.shoes are more valuable to society than alternative products Score: 2/2 Comments: 6. Question #7 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. Which of the data sets would graph as an upsloping line?

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Student Response Value Correct Answer Feedback A.1 only. B.1, 2, and 3 only. C.4 and 5 only. D.1, 2, and 5 only. 100% Score: 2/2 Comments: 7. Question #8 (Last Word) Which of the following has to do with the idea that generalizations that apply to individuals are also always valid for a group? Student Response Value Correct Answer Feedback A.the law of large numbers. B.the law of averages. C.the fallacy of composition. 100% D.the post hoc, ergo propter hoc fallacy. Score: 2/2 Comments: 8. Question #9 Refer to the above diagram for athletic shoes. The optimal output of shoes is:
Student Response Value Correct Answer Feedback A. Q 1 . B.

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Exam 1-45 Econ ch. 1-5 - 1 Question#1 The alternative...

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