Question 1

A college must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

Accepted Answer

A) True 
 B)False

Question 2

Automobile manufacturers produce a range of automobiles such as sports utility vehicles,luxury sedans,pickup trucks and compact cars.What fundamental economic question are they addressing by making this range of products?

Accepted Answer

A)   How to produce goods that consumers want?
B)   Why produce a variety of automobiles?
C)   What to produce?
D)   Who to produce automobiles for?

Question 3

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

Accepted Answer

A)   The omitted variable
B)   The positive-to-negative relationship
C)   Reverse causality
D)   Nonlinear slope

Question 4

In economics,the accumulated skills and training that workers have is known as

Accepted Answer

A)   human capital.
B)   entrepreneurship.
C)   physical capital.
D)   innovation.

Question 5

Economic models do all of the following except

Accepted Answer

A)   answer economic questions.
B)   portray reality in all its minute details.
C)   make economic ideas explicit and concrete for use by decision makers.
D)   simplify some aspect of economic life.

Exam 1: Economics: Foundations and Models

In economics,the accumulated skills and training that workers have is known as

Correct Answer
verified

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

Correct Answer
verified

Automobile manufacturers produce a range of automobiles such as sports utility vehicles,luxury sedans,pickup trucks and compact cars.What fundamental economic question are they addressing by making this range of products?

Correct Answer
verified

Economic models do all of the following except

Correct Answer
verified

A college must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

Correct Answer
verified

Exam 1: Economics: Foundations and Models

In economics,the accumulated skills and training that workers have is known as

Correct AnswerverifiedShow Answer

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

Correct AnswerverifiedShow Answer

Automobile manufacturers produce a range of automobiles such as sports utility vehicles,luxury sedans,pickup trucks and compact cars.What fundamental economic question are they addressing by making this range of products?

Correct AnswerverifiedShow Answer

Economic models do all of the following except

Correct AnswerverifiedShow Answer

A college must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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