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