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ECON2302 - KC - Ch02

Ecomomics Chapter 2 review

QuestionAnswer
Economists sometimes give conflicting advice because economists have different values and scientific judgement.
In the circular-flow diagram, households and firms are decision makers. True or false? TRUE
Production possibilities frontiers can be used to illustrate scarcity, trade-offs, opportunity cost, efficiency, unemployment, technological advances, and economic growth. True or false? TRUE
In order to display information on 2 variables, an economist must use the coordinate system.
Points inside the production possibilities frontier represent feasible levels of production. True or false? TRUE
If an economy is producing efficiently, then there is no way to produce more of one good without producing less of another good.
Which of the following is an example of a normative, as opposed to positive, statement? Income taxes should be reduced.
The 1990 amendment to the Clean Air ACt implemented tradable allowances for acid rain.
"The US should not restrict employers from outsourcing work to foreign countries: is a normative statement. True or false? FALSE
The trade-off between the production of one good and the production of another good can change over time because of technological advances. True or false? TRUE
A duty of economists at the Dept of Labor is to analyze data on workers.
The slope of a line is equal to rise divided by run.
For economists, conducting experiments is often difficult and sometimes impossible. True or false? TRUE
Which would likely to be studies by a macroeconomist rather than a microeconomist? the effect of an increase in the minimum wage on an economy's overall rate of unemployment
In the simple circular-flow diagram, who consumes the goods and services that firms produce? households only.
The production possibilities frontier shows the opportunity cost of one good as measured in terms of the other good. True or false? TRUE
The Congressional Budget Office, which is staffed by economists, provides Congress with independent evaluations of policy proposals. True or false? TRUE
The slope of a steep upward-sloping line will be a large positive number
Assumptions can simplify the complex world and make it easier to understand. True or false? TRUE
Economists view normative statements as prescriptive, making a claim about how the world ought to be.
The effects of foreign competition on the US textile industry would be studied by a microeconomist rather than a macroeconomist. True or false? TRUE
Economic models are most often composed of diagrams and equations. True or false? TRUE
"Society would be better off if the welfare system were abolished" is a normative statement, not a positive statement. True or false? TRUE
Differences in scientific judgement between economists is NOT similar to two politicians arguing about the fairness of the tax code.
Created by: debra473
 

 



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