Question : 11.Whichofthefollowingstatementsiscorrectabouttheextentofdisagreementamongeconomists? a.Thereisagreatdealofagreementamongeconomistsonvirtuallyeveryeconomicissue. b.Thereisagreatdealofagree : 1261924

 

11.Whichofthefollowingstatementsiscorrectabouttheextentofdisagreementamongeconomists?

a.Thereisagreatdealofagreementamongeconomistsonvirtuallyeveryeconomicissue.

b.Thereisagreatdealofagreementamongeconomistsonmanyimportanteconomicissues.

c.Alldisagreementsamongeconomistsareattributabletodifferencesintheirvalues.

d.Alldisagreementsamongeconomistsareattributabletothefactthatdifferenteconomistshavedifferentdegreesoffaithinthevalidityofalternativeeconomictheories.

12.Asurveywhichsoughttheopinionofprofessionaleconomistsonfourteenpropositionsabouteconomicpolicyfoundthat

a.therespondentswerealmostequallydividedonthepropositions.

b.therespondentsfavoredthepropositionsbyaslightmargin.

c.therespondentsdisagreedwiththepropositionsbyaslightmargin.

d.therewasoverwhelmingendorsementofthepropositionsamongtherespondents.

13.Asurveyofprofessionaleconomistsrevealedthatmorethanthree-fourthsofthemagreedwithanumberofstatements,includingwhichofthefollowing?

a.Tariffsandimportquotasusuallyreducegeneraleconomicwelfare.

b.Alargefederalbudgetdeficithasanadverseeffectontheeconomy.

c.Minimumwageincreasesunemploymentamongyoungandunskilledworkers.

d.Alloftheabovearecorrect.

14.Asurveyofprofessionaleconomistsrevealedthatmorethanthree-fourthsofthemagreedwithfourteeneconomicpropositions.Whichofthefollowingisnotoneofthosepropositions?

a.TheUnitedStatesshouldnotrestrictemployersfromoutsourcingworktoforeigncountries.

b.TheUnitedStatesshouldwithdrawfromtheNorthAmericanFreeTradeAgreement(NAFTA).

c.TheUnitedStatesshouldeliminateagriculturalsubsidies.

d.Localandstategovernmentsshouldeliminatesubsidiestoprofessionalsportsfranchises.

15.Asurveyofprofessionaleconomistsrevealedthatmorethanthree-fourthsofthemagreedwithfourteeneconomicpropositions.Whichofthefollowingisnotoneofthosepropositions?

a.Aceilingonrentsreducesthequantityandqualityofhousingavailable.

b.Fiscalpolicyhasasignificantstimulativeimpactonalessthanfullyemployedeconomy.

c.ThegapbetweenSocialSecurityfundsandexpenditureswillbecomeunsustainablylargewithinthenextfiftyyearsifcurrentpoliciesremainunchanged.

d.TheUnitedStatesshouldimplementuniversalhealthcareforitscitizens.

16.Almostalleconomistsagreethatrentcontrol

a.hasnoeffectontherentalincomeoflandlords.

b.allowsthemarketforhousingtoworkmoreefficiently.

c.adverselyaffectstheavailabilityandqualityofhousing.

d.isaveryinexpensivewaytohelpthemostneedymembersofsociety.

17.Policiessuchasrentcontrolandtradebarrierspersistinspiteofthefactthateconomistsarevirtuallyunitedintheiroppositiontosuchpolicies,probablybecause

a.economistshavenotyetconvincedthegeneralpublicthatthepoliciesareundesirable.

b.economistsengageinpositiveanalysis,notnormativeanalysis.

c.economistshavevaluesthataredifferentfromthevaluesofmostnon-economists.

d.economists’theoriesarenoteasilyconfirmedorrefutedinlaboratoryanalysis.

18.Policiessuchasrentcontrolandtradebarrierspersist

a.becauseeconomistsareaboutevenlydividedastothemeritsofthosepolicies.

b.becausealmostalleconomistsagreethatthosepolicieshavenodiscernibleeconomiceffects.

c.becausealmostalleconomistsagreethatthosepoliciesaredesirable.

d.despitethefactthatalmostalleconomistsagreethatthosepoliciesareundesirable.

19.Almostalleconomistsagreethattariffsandimportquotas

a.reducesgeneraleconomicwelfare.

b.increasesgeneraleconomicwelfare.

c.havenoeffectongeneraleconomicwelfare.

d.stimulatealessthanfullyemployedeconomy.

20.Almostalleconomistsagreethatlocalandstategovernmentsshould

a.eliminatesubsidiestoprofessionalsportsfranchises.

b.increasesubsidiestoprofessionalsportsfranchises.

c.copyeconomicpolicyfromWashington,D.C.

d.preventcompaniesfromoutsourcingwork.

1.JohnMaynardKeynesreferredtoeconomicsasaneasysubject,

a.atwhichveryfewexcel.

b.butnotaseasyasphilosophyorthepuresciences.

c.whichveryfewcanenjoy.

d.whichdealsprimarilywithcommonsense.

2.HowdidtheinfluentialeconomistJohnMaynardKeynesexplainhisremarkthatthougheconomicsisaneasysubjectcomparedwiththehigherbranchesofphilosophyorpurescience,itisasubjectatwhichfewexcel?

a.Mostpeoplewhostudyeconomicsarenotverybright.

b.Goodeconomistsmustpossessararecombinationofgifts.

c.Economicsisquiteboring;hence,peopletendtoloseinterestinitbeforemasteringit.

d.Goodthinkersbecomefrustratedwitheconomicsbecauseitdoesnotmakeuseofthescientificmethod.

3.AccordingtoeconomistJohnMaynardKeynes,agreateconomistmustalsobea(n)

a.mathematician.

b.historian.

c.philosopher.

d.Alloftheabovearecorrect.

4.JohnMaynardKeynesdescribedeconomicsasaneasysubjectatwhichveryfewexcel.Which of thefollowing isnotoneofthereasonsKeynesgaveforwhysofewpeopleexcelatthestudyofeconomics?

a.Aneconomistmustalsobeamathematician,historian,statesman,andphilosopherinsomedegree.

b.Aneconomistmustunderstandsymbolsandspeakinwords.

c.Aneconomistmustbepurposefulanddisinterestedinasimultaneousmood.

d.Aneconomistmustunderstandenvironmentalscience,regulation,andpoliticalscience.

1.Whichofthefollowingisnotcorrect?

a.Whendevelopingeconomictheories,graphsofferawaytovisuallyexpressideasthatmightbelessclearifdescribedwithequationsorwords.

b.Graphsareonewayofexpressingtherelationshipsamongvariables.

c.Whenstudyingtherelationshipbetweentwoeconomicvariables,graphsalloweconomiststodrawindisputableconclusionsaboutcausesandeffects.

d.Whenanalyzingeconomicdata,graphsprovideapowerfulwayoffindingandinterpretingpatterns.

2.Whichofthefollowingisnotanexampleofagraphofasinglevariable?

a.apiechart

b.abargraph

c.atime-seriesgraph

d.ascatterplot

3.Graphssuchasbargraphsandpiechartsarelimitedinthatthey

a.canonlyshowvariablesthatarepositivelyrelated.

b.canonlyshowvariablesthathaveanegativecorrelation.

c.provideinformationononlyonevariable.

d.provideinformationonnomorethantwovariables.

4.Evawantstocreateagraphcontainingthepricesofconcertticketsandthecorrespondingquantitiesofconcertticketsdemandedbycustomers.Sheshouldusea(n)

a.piechart.

b.bargraph.

c.time-seriesgraph

d.coordinatesystem.

5.Theuseofthecoordinatesystemallows

a.forthedisplayoftheflowsofdollars,goodsandservices,andfactorsofproductioninaneconomicsystem.

b.forthedisplayofhowlaborandotherresourcesareorganizedintheproductionprocess.

c.forthedisplayoftwovariablesonasinglegraph.

d.forthecreationofpiechartsandbargraphs.

6.Todisplayinformationontwovariables,aneconomistmustuse

a.abargraph.

b.apiechart.

c.thecoordinatesystem.

d.atime-seriesgraph.

7.Whichofthefollowingallowsyoutoprovideinformationabouttherelationshipbetweentwovariables?

a.coordinatesystem.

b.piechart

c.bargraph

d.time-seriesgraph

8.Anorderedpairis

a.theprocessofcheckingcalculationstwicebeforeplacingthemonagraph.

b.twonumbersthatcanberepresentedbyasinglepointonagraph.

c.twonumbersthatarerepresentedbytwopointsonagraph.

d.twopointsonagraphthatareofequaldistancefromtheorigin.

9.Thex-coordinateisthe

a.firstnumberofanorderedpairandrepresentsthepoint’shorizontallocation.

b.secondnumberofanorderedpairandrepresentsthepoint’shorizontallocation.

c.firstnumberofanorderedpairandrepresentsthepoint’sverticallocation.

d.secondnumberofanorderedpairandrepresentsthepoint’sverticallocation.

10.Thex-coordinateofanorderedpairspecifiesthe

a.diagonallocationofthepoint.

b.verticallocationofthepoint.

c.horizontallocationofthepoint.

d.quadrantlocationinwhichthepointislocated.

11.Thefirstnumberinanyorderedpairis

a.thex-coordinate.

b.they-coordinate.

c.theverticallocationofthepoint.

d.theslope.

12.They-coordinateisthe

a.firstnumberofanorderedpairandrepresentsthepoint’shorizontallocation.

b.secondnumberofanorderedpairandrepresentsthepoint’shorizontallocation.

c.firstnumberofanorderedpairandrepresentsthepoint’sverticallocation.

d.secondnumberofanorderedpairandrepresentsthepoint’sverticallocation.

13.They-coordinateofanorderedpairspecifiesthe

a.diagonallocationofthepoint.

b.verticallocationofthepoint.

c.horizontallocationofthepoint.

d.quadrantlocationinwhichthepointislocated.

14.Thesecondnumberinanyorderedpairis

a.thex-coordinate.

b.they-coordinate.

c.thehorizontallocationofthepoint.

d.theslope.

15.Intheorderedpair(20,30),20isthe

a.thex-coordinate.

b.thehorizontallocationofthepoint.

c.they-coordinate.

d.Bothaandbarecorrect.

16.Intheorderedpair(5,3),3isthe

a.horizontallocationofthepoint.

b.theslope.

c.thex-coordinate.

d.they-coordinate.

17.Thepointwherebothxandyarezeroisknownasthe

a.origin.

b.null.

c.zerocoordinate.

d.center.

18.Theorderedpairthatrepresentstheoriginonagraphis

a.(1,1).

b.(0,0).

c.(-1, -1).

d.(∞, ∞).

19.Whentwovariableshaveapositivecorrelation,

a.theytendtomoveinoppositedirections.

b.theytendtomoveinthesamedirection.

c.onevariablewillmovewhiletheotherremainsconstant.

d.thevariables’valuesarenevernegative.

20.Whentwovariableshaveapositivecorrelation,

a.whenthex-variableincreases,they-variabledecreases.

b.whenthex-variabledecreases,they-variableincreases.

c.whenthex-variableincreases,they-variableincreases.

d.Morethanoneoftheaboveiscorrect.