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In the circular-flow diagram,factors of production are the goods and services produced by firms.

A) True
B) False

Correct Answer

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The circular-flow diagram explains,in general terms,how the economy is organized and how participants in the economy interact with one another.

A) True
B) False

Correct Answer

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A production point is said to be efficient if there is no way for the economy to produce more of one good without producing less of another.

A) True
B) False

Correct Answer

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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.

A) True
B) False

Correct Answer

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An economic model can accurately explain how the economy is organized because it is designed to include,to the extent possible,all features of the real world.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.Points A,B,and D represent efficient outcomes for this economy. -Refer to Figure 2-14.Points A,B,and D represent efficient outcomes for this economy.

A) True
B) False

Correct Answer

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A production possibilities frontier has a bowed shape if the opportunity cost is constant at all levels of output.

A) True
B) False

Correct Answer

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While the production possibilities frontier is a useful model,it cannot be used to illustrate economic growth.

A) True
B) False

Correct Answer

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Economic growth causes a production possibilities frontier to shift outward.

A) True
B) False

Correct Answer

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Historical episodes allow economists to illustrate and evaluate current economic theories.

A) True
B) False

Correct Answer

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The Congressional Budget Office,which is staffed by economists,provides Congress with independent evaluations of policy proposals.

A) True
B) False

Correct Answer

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The slope of an upward-sloping line is positive,and the slope of a downward-sloping line is negative.

A) True
B) False

Correct Answer

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Normative statements describe how the world is,while positive statements prescribe how the world should be.

A) True
B) False

Correct Answer

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The circular flow model is not used anymore because it fails to perfectly replicate real world situations.

A) True
B) False

Correct Answer

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verified

Figure 2-14 Figure 2-14 -Refer to Figure 2-14.Point B represents an inefficient outcome for this economy. -Refer to Figure 2-14.Point B represents an inefficient outcome for this economy.

A) True
B) False

Correct Answer

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verified

If a line passes through the points (20,5)and (10,10),then the slope of the line is 1/2.

A) True
B) False

Correct Answer

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Assumptions can simplify the complex world and make it easier to understand.

A) True
B) False

Correct Answer

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Positive statements are descriptive,while normative statements are prescriptive.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.Points A,B,and D represent feasible outcomes for this economy. -Refer to Figure 2-14.Points A,B,and D represent feasible outcomes for this economy.

A) True
B) False

Correct Answer

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verified

The slope of a line is the ratio of the vertical distance covered to the horizontal distance covered along the line.

A) True
B) False

Correct Answer

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Showing 21 - 40 of 136

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