the retail industry only specific sectors within the economy Correct aggregates

The retail industry only specific sectors within the

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     the retail industry only.      specific sectors within the economy.   Correct!    aggregates within the economy.     Question 11 2 / 2 pts In building a model to analyze economic situations, one of the important assumptions is    cognitive dissonance.      conversion abstraction.     
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scarcity.   Correct!    ceteris paribus.     Question 12 2 / 2 pts Ceteris paribus means    all men are created equal.   Correct!   economists isolate one or two factors that change when analyzing human decisions.    wage parity between men and women is a worthy goal.     there are an infinite number of factors affecting each human decision and they change  all the time.   Question 13 2 / 2 pts In a negative relationship,    the two variables have nothing to do with each other.      both variables rise together.  
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   both variables fall together.   Correct!    one variable rises while the other falls.     Question 14 2 / 2 pts A negative relationship will be graphed as    a U-shaped curve.   Correct!    a line that is downward sloping.      a loop.      a line that is upward sloping.     Question 15 2 / 2 pts Positive economic analysis is said to be    right.  
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   value-laden.   Correct!    objective.      true.     Question 16 2 / 2 pts Which of the following is an example of a positive economic statement?    In order to reduce the budget deficit, tax rates should be increased.      If gas prices fall, consumers should purchase more gas.   Correct!    If payroll taxes are raised, then the Social Security crisis will be resolved.      In order to increase employment, the minimum wage should be decreased.     Question 17 2 / 2 pts In 2006, hurricanes damaged many parts of Texas, destroying homes, businesses,  schools, and infrastructure. In strictly economic terminology, these hurricanes are said  to have caused
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Correct!    shortages, because supplies were cut off and goods were destroyed.     tradeoffs, because some areas of the country were damaged when others were not.    scarcity, because the damages made food and shelter scarce.      scarcity, because some goods were difficult to get.     Question 18 2 / 2 pts Which of the following statements is TRUE about scarcity?    Scarcity can be eliminated when a country becomes richer.      Scarcity exists only when a shortage exists.      Scarcity exists only when supply is insufficient to meet demand.   Correct!    Both rich and poor people face the problem of scarcity.     Question 19
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2 / 2 pts Assume Nebraska and Virginia each have 100 acres of farmland. The following table  gives hypothetical figures for yield per acre in the two states Nebraska Virginia Wheat 9 5 Cotto n 7 2   Who has the absolute advantage in the production of wheat?
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  • Spring '11
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