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Thinking Like an Economist 475
24.
Refer to Figure 2-14. What is the opportunity cost of moving from point R to point Q?
Figure 2-15
25.
Refer to Figure 2-15. Consider the production possibilities frontier for an economy that produces
only sofas and
cars. As the economy moves from point A to point D, is the opportunity cost of cars
increasing, constant, or
decreasing?
26.
Refer to Figure 2-15. Consider the production possibilities frontier for an economy that produces
only sofas and
cars. The opportunity cost of one sofa is
27.
Refer to Figure 2-15. Consider the production possibilities frontier for an economy that produces
only sofas and
cars. The opportunity cost of one car is
Table 2-6
Mobile Phones
Pizzas
0
10,000
200
8,000
500
6,000
900
4,000
1400
2,000
2000
0
28.
Refer to Table 2-6. Consider the production possibilities table for an economy that produces only
mobile phones
and pizzas. What is the opportunity cost of increasing production of mobile phones
from 200 to 500?
29.
Refer to Table 2-6. Consider the production possibilities table for an economy that produces only
mobile phones
and pizzas. What is the opportunity cost of increasing production of pizzas from 4,000
to 6,000?
30.
Refer to Table 2-6. Consider the production possibilities table for an economy that produces only
mobile phones
and pizzas. Describe the shape of the production possibilities frontier.
31.
Who would be more likely to study the effects of government spending on the unemployment rate,
a macroeconomist
or a microeconomist?
32.
Who would be more likely to study the effects of foreign competition on the accounting industry, a
macroeconomist
or a microeconomist?
33.
Who would be more likely to study the effects of rent control on housing in New York City, a
macroeconomist or a
microeconomist?
34.
Who would be more likely to study the inflation rate in the United States, a macroeconomist or a
microeconomist?
35.
When economists are trying to explain the world, they are scientists. When they are trying to
improve it, they are
36.
What type of statement is a descriptive statement about how the world is?
37.
What type of statement is a prescriptive statement about how the world ought to be?
38.
Which type of statement - positive or negative - can be evaluated by analyzing data alone?
39.
Is the following a positive or normative statement? The federal minimum wage is lower than many
state minimum
wages.
40.
Is the following a positive or normative statement? The Federal Reserve should set an inflation
target and employ
policies to meet the target.
41.
Is the following a positive or normative statement? The United States government should mandate
that every citizen
purchases health insurance.
42.
Is the following a positive or normative statement? The unemployment rate in Nevada is higher
than the
unemployment rate in New York.
43.
Since 1946, the president of the United States has received guidance from a group comprised of
three members and
a staff of a few dozen economists known as the
44.
Economists at which administrative department help formulate spending plans and regulatory
policies?
45.
Economists at which administrative department help design tax policy?
46.
Economists at which administrative department analyze data on workers and those looking for
work to help
formulate labor-market policies?
47.
Economists at which administrative department help enforce the nation’s antitrust laws?
48.
The institution that sets the nation’s monetary policy is called the
49.
When economists disagree about whether the government should tax a household’s income or its
consumption, they are expressing a difference in
50.
When economists disagree about whether a policy is fair, they are expressing a difference in
51.
Most economists agree that a large federal budget deficit has what type of effect on the economy?
Figure 2-22
52.
Refer to Figure 2-22. What are the coordinates of point C?
53.
Refer to Figure 2-22. What is the x-coordinate of point R?
54.
Refer to Figure 2-22. How are price and quantity related in this graph?
55.
Refer to Figure 2-22. What is the slope of the line with points A, B, and C?
56.
Refer to Figure 2-22. Is a move from point A to point B considered a shift of the curve or a
movement along the
curve?
57.
Refer to Figure 2-22. Is a move from point A to point R considered a shift of the curve or a
movement along the
curve?
58.
Refer to Figure 2-22. Given that price is measured on the vertical axis, quantity is measured on the
horizontal axis,
and that the curves are downward-sloping, what type of curves are depicted here?
