277. In a linear equation relating income and consumption, you know that the intercept is $1,000 and the slope of the line is .4. If income is $20,000, then consumption is: 278. What is a brief definition of economics? What are the conditions that give rise to this definition? 279. What are the key economic concepts that pertain to the individual? 280. What are the key economic concepts that pertain to interactions among individuals?
McConnell - Chapter 001 #53 Type: Definition 54. (p. 6-7) Which of the following is a normative statement? Learning Objective: 1.4 Microeconomics and Macroeconomics Level: Easy McConnell - Chapter 001 #54 Type: Application 55. (p. 6-7) Normative statements are concerned with: Learning Objective: 1.4 Microeconomics and Macroeconomics Level: Easy McConnell - Chapter 001 #55 Type: Definition 56. (p. 6-7) Most of the disagreement among economists involves: Learning Objective: 1.4 Microeconomics and Macroeconomics Level: Easy McConnell - Chapter 001 #56 Type: Application
66. (p. 8-9) Refer to the diagram below, suppose you have a money income of $10 all of which you spend on Coke and boxes of popcorn. The prices of Coke and popcorn respectively are: Learning Objective: 1.5 The Economic problem Level: Moderate McConnell - Chapter 001 #66 Type: Graphic 67. (p. 8-9) In moving along a given budget line: Learning Objective: 1.5 The Economic problem Level: Easy McConnell - Chapter 001 #67 Type: Application 68. (p. 8-9) In drawing a budget line it is assumed that: Learning Objective: 1.5 The Economic problem Level: Easy McConnell - Chapter 001 #68 Type: Application
McConnell - Chapter 001 #81 Type: Calculation 82. (p. 12) Refer to the above table. A change from possibility B to C means that: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #82 Type: Calculation 83. (p. 12) The production possibilities curve represents which of the following? Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #83 Type: Definition 84. (p. 12) The production possibilities curve represents: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #84 Type: Definition
100. (p. 12) Which one of the following statements is correct? Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Moderate McConnell - Chapter 001 #100 Type: Application 101. (p. 12) The typical production possibilities curve is: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #101 Type: Definition 102. (p. 13) Refer to the diagram below. Points A, B, C, D, and E show: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #102 Type: Graphic
106. (p. 13) Refer to the above diagram. The combination of computers and bicycles shown by point G is: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #106 Type: Graphic 107. (p. 13) Refer to the above diagram. The combination of computers and bicycles shown by point F: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #107 Type: Graphic 108. (p. 14) Refer to the above diagram. If society is currently producing the combination of bicycles and computers shown by point D, the production of 2 more units of bicycles: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #108 Type: Calculation
115. (p. 14) The concept of opportunity cost: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #115 Type: Definition 116. (p. 14) Which of the following is not an illustration of the idea of opportunity cost? Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Moderate McConnell - Chapter 001 #116 Type: Application 117. (p. 14) Opportunity costs is best defined as: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #117 Type: Definition Production possibilities tables for two countries, North Cantina and South Cantina: McConnell - Chapter 001
136. (p. 14) Refer to the above diagram. As it relates to production possibilities analysis, the law of increasing opportunity cost is reflected in curve: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #136 Type: Graphic 137. (p. 14) Refer to the above diagram. Curve B is a: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Moderate McConnell - Chapter 001 #137 Type: Graphic 138. (p. 14) If the production possibilities curve is a straight line: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Easy McConnell - Chapter 001 #138 Type: Application
148. (p. 15) Refer to the above diagram for athletic shoes. If the current output of shoes is Q3, then: Learning Objective: 1.6 The production possibilities model and increasing opportunity costs Level: Moderate McConnell - Chapter 001 #148 Type: Application McConnell - Chapter 001 149. (p. 16-17) Refer to the above table. As compared to production alternative D, the choice of alternative C would: Learning Objective: 1.7 Economic growth, present choices, and future possibilities Level: Moderate McConnell - Chapter 001 #149 Type: Application 150. (p. 16-17) Refer to the above table. A total output of 3 units of capital goods and 4 units of consumer goods: Learning Objective: 1.7 Economic growth, present choices, and future possibilities Level: Moderate McConnell - Chapter 001 #150 Type: Application
166. (p. 16-17) Refer to the above production possibilities curves. Curve (a) is the current curve for the economy. Other things being equal, society's current choice of point P on curve (a) will: Learning Objective: 1.7 Economic growth, present choices, and future possibilities Level: Moderate McConnell - Chapter 001 #166 Type: Application 167. (p. 16-17) The basic difference between consumer goods and capital goods is that Learning Objective: 1.7 Economic growth, present choices, and future possibilities Level: Moderate McConnell - Chapter 001 #167 Type: Definition 168. (p. 16-17) Which of the following would be most likely to shift the production possibilities curve to the right? Learning Objective: 1.7 Economic growth, present choices, and future possibilities Level: Moderate McConnell - Chapter 001 #168 Type: Application
243. (p. 24-27) The above data suggest that: Learning Objective: A1.1 Graphs and their meanings Level: Moderate McConnell - Chapter 001 #243 Type: Graphic 244. (p. 24-27) The above data indicates that: Learning Objective: A1.1 Graphs and their meanings Level: Moderate McConnell - Chapter 001 #244 Type: Calculation 245. (p. 24-27) The above data suggest that: Learning Objective: A1.1 Graphs and their meanings Level: Easy McConnell - Chapter 001 #245 Type: Graphic McConnell - Chapter 001
259. (p. 24-27) The linear equation for line (1) on the above graph is: Learning Objective: A1.1 Graphs and their meanings Level: Difficult McConnell - Chapter 001 #259 Type: Formula 260. (p. 24-27) The slope of line (2) on the above graph is: Learning Objective: A1.1 Graphs and their meanings Level: Difficult McConnell - Chapter 001 #260 Type: Graphic 261. (p. 24-27) The linear equation for line (3) on the above graph is: Learning Objective: A1.1 Graphs and their meanings Level: Difficult McConnell - Chapter 001 #261 Type: Formula 262. (p. 24-27) The vertical intercept of line (2) on the above graph is: Learning Objective: A1.1 Graphs and their meanings Level: Moderate
269. (p. 24-27) In the above diagram the equation for this line is: Learning Objective: A1.1 Graphs and their meanings Level: Difficult McConnell - Chapter 001 #269 Type: Formula 270. (p. 24-27) If we are considering the relationship between two variables and release the "other things equal" assumption, we would expect: Learning Objective: A1.1 Graphs and their meanings Level: Difficult McConnell - Chapter 001 #270 Type: Application 271. (p. 24-27) The amount of pizzas that consumers want to buy per week is reflected in the equation P = 15 - .02Qd, where Qd is the amount of pizzas purchased per week and P is the price of pizzas. On the basis of this information we can say that: Learning Objective: A1.1 Graphs and their meanings Level: Difficult McConnell - Chapter 001 #271 Type: Application McConnell - Chapter 001
334. (p. 25) Differentiate between the independent and dependent variables in an economic relationship. The dependent variable changes as a consequence of the change in the independent variable. By specifying one variable as the dependent variable, a causal relationship is implied with changes in the independent variable causing changes in the dependent variable. The dependent variable is the "effect" or outcome. Learning Objective: Appendix McConnell - Chapter 001 #334 335. (p. 26) Describe the slope of a direct and an inverse relationship. The ratio of the vertical change (the rise or fall) to the horizontal change (the run) in moving between two points on the line is called the slope of the line. The slope of an upward sloping line is positive, reflecting a direct relationship between two variables; the slope of a downward sloping line is negative, reflecting an inverse relationship. Learning Objective: Appendix McConnell - Chapter 001 #335