Chapter1

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Ceterisparibusmeans:

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a.allowingallotherthingstochange.

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b.makingvaluejudgments.

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c.allotherthingsunchanged.
d.differentiatingbetweenmacroeconomicsandmicroeconomics.

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Chapter1
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Acatmeowsandapersonfeedshim.Thecatthinksthemeowingcausedthefeeding.Thisis
anexampleof

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b.ceterisparibus.
c.thefallacyoffalsecauses.

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a.aneconomiclaw.

d.aneconomicmodel.

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Avariablethatrespondstoachangeinanothervariableis

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a.anindependentvariable.

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b.adependentvariable.

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c.atheoreticalvariable.
d.alloftheabovearetrue.

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Anexampleofapositivestatementis:
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a.Therateofunemploymentis4percent.
b.Ahighrateofeconomicgrowthisgoodforthecountry.
c.Everyoneinthecountryneedstobecoveredbynationalhealthinsurance.
d.BaseballplayersshouldnotbepaidhighersalariesthanthepresidentoftheUnited
States.

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Asystematicsetofproceduresthroughwhichknowledgeiscreatedis:
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a.theeconomy.
b.thescientificmethod.
c.amarket.
d.amodel.

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Theconceptofthemargindealswith:
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a.makingincrementalchoices.

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b.onemoreoronelessofsomething.

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c.doingalittlemoreoralittleless.
d.alloftheabove.

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Ananswertothequestion"Howaregoodsproduced?"determines:
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a.whoreceivesthegoodsthatareproduced.

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b.howtastesandpreferencesaredetermined.

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c.howresourcesarecombinedintheproductionofgoods.
d.thetypesandquantitiesofgoodsandservicesproduced.

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Anythingthathasapriceis
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a.afreegood.

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b.ascarcegood.

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c.expensive.
d.plentiful.

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Intheequation

y=mx+b

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mis

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a.theverticalinterceptforthegraphoftheequation.
b.thedependentvariable.
c.anumbergreaterthan1.
d.theslopeofthegraphoftheequation.

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Opportunitycostis:
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a.thecostsofallsacrificesnotchosenwhenachoiceismade.

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b.thehighestvaluedotherchoicethatcouldhavebeenmade.

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c.theresultofhavingmadeabadchoice.
d.theresultofnotmakingchoicesatthemargin.

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