经济学原理曼昆Chapter 02

1 Chapter 2 Thinking Like an Economist MULTIPLE CHOICE Figure 2 1 A B 21 1 Refer to Figure 2 1 Which shape refers to the markets for goods and services a a oval A b oval B c rectangle 1 d rectangle 2 2 Refer to Figure 2 1 What is flowing from rectangle 1 to oval A b a revenue b goods and services sold c factors of production d labor land and capital 3 Refer to Figure 2 1 Which of the following is an activity undertaken by the actors in rectangle 2 c a produce and sell goods and services b hire and use factors of production c own and sell factors of production d exchange goods and services between firms and households Figure 2 2 2 A B C D E F G 135 20406080 100 120 140 160 180 corn 1 2 3 4 5 6 7 8 9 10 cars Consider the production possibilities curve for a country that can produce cars corn in bushels or a combination of the two 4 Refer to Figure 2 2 If this economy devotes all of its available resources to producing corn then it will produce d a 0 bushels of corn and 10 cars b 135 bushels of corn and 3 cars c 160 bushels of corn and 10 cars d 160 bushels of corn and 0 cars 5 Refer to Figure 2 2 Which combination of points show production possibilities only achievable with improvements in technology or increases in resources d a A D and E b B and G c C and F d None of the above is correct 6 Refer to Figure 2 2 If this society moves from point D to point E d a it gives up 25 bushels of corn to get 3 cars b it gives up 135 bushels of corn to get 3 cars c it gives up 3 cars to get 135 bushels of corn d it gives up 3 cars to get 25 bushels of corn 7 Refer to Figure 2 2 If this society is producing at point C d a there is unemployment b production is efficient c growth can only be achieved through an advancement in technology d the opportunity cost of producing one more car is approximately 10 bushels of corn 8 Which of the following is a positive as opposed to a normative statement b a The US Department of Justice should allow a merger between AT T and T Mobile because it would have little effect on consumers b Antitrust laws should be used to prevent further concentration in the wireless telephone 3 service market c The US Department of Justice sued AT T to block its merger with T Mobile d The wireless telephone service market is too highly concentrated 9 Which of the following famous people did not major in economics in college b a Donald Trump b Natalie Portman c John Elway d Mick Jagger 10 Which of the following statements is correct about environmental economists d a They view economics as a framework for natural resource allocation b They work at government agencies as well as universities and advocacy groups c They use economic arguments and systems to persuade companies to clean up pollution and conserve natural resources d All of the above are correct 11 In the ordered pair 20 100 20 is the a a x coordinate b y coordinate c scatterplot d slope 12 Between the two ordered pairs 20 100 and 30 80 the slope is b a 1 2 b 1 2 c 2 d 2 Figure 2 4 snowblowers sold snowstorms 102030405060708090 1 2 3 4 5 6 7 8 9 10 13 Refer to Figure 2 4 According to the graph snowstorms a 4 a and snowblowers sold are positively correlated b and snowblowers sold are negatively correlated c and snowblowers sold are uncorrelated d are caused by more snowblowers being sold 14 Refer to Figure 2 4 Your friend John created the graph above to illustrate that snowstorms are caused by more snowblowers being sold You inform him that his interpretation is incorrect due to a a omitted variable bias b reverse causality c slope mismatch d shifting versus moving along a curve 15 Refer to Figure 2 4 Which of the following could be an omitted variable in the graph d a the price of snowblowers b a change in consumers incomes c a change in the seasons d All of the above are correct PROBLEM Figure 2 1 A B 21 1 Refer to Figure 2 1 What is the name of the model depicted in the figure The Circular Flow 2 Refer to Figure 2 1 What do the ovals represent in the figure A Markets for goods and service B Markets for factors of production 5 3 Refer to Figure 2 1 What do the rectangles represent in the figure 1 Firms 2 Households 4 Refer to Figure 2 1 What do the outer arrows represent in the figure A to 1 revenue 1 toB wages rent and profit B to 2 income 2 to A spending 5 Refer to Figure 2 1 What do the inner arrows represent in the figure A to 2 goods and services bought 2 to B Labor land and capital B to1 Factors of production 1 to A goods and services sold 6 Refer to Figure 2 1 What does the arrow going from oval A to rectangle 2 represent in the figure A to 2 goods and services bough 7 Refer to Figure 2 1 What does the arrow going from oval B to rectangle 2 represent in the figure B to 2 income 8 Refer to Figure 2 1 What are two elements not included in this figure that could be included in a more complex model 9 The three main factors of production or categories of inputs used by firms to produce goods and services are Figure 2 2 A B C D E F G 135 20406080 100 120 140 160 180 corn 1 2 3 4 5 6 7 8 9 10 cars Consider the production possibilities curve for a country that can produce cars corn in bushels or a combination of the two 10 Refer to Figure 2 2 The bowed outward shape of the production possibilities curve indicates that opportunity cost of corn in terms of cars is 6 11 Refer to Figure 2 2 Which point s on the graph is are efficient production possibilities 12 Refer to Figure 2 2 Which point s on the graph show unemployment of resources 13 Refer to Figure 2 2 Which point s on the graph is are unattainable given current resources and technology 14 Who would be more likely to study the effects of government spending on the unemployment rate a macroeconomist or a microeconomist 15 Who would be more likely to study the effects of foreign competition on the accounting industry a macroeconomist or a microeconomist 16 Who would be more likely to study the effects of rent control on housing in New York City a macroeconomist or a microeconomist 17 Who would be more likely to study the inflation rate in the United States a macroeconomist or a microeconomist 18 Is the following a positive or normative statement The federal minimum wage is lower than many state minimum wages 19 Is the following a positive or normative statement The Federal Reserve should se