Econ 231 Exam 1 Chapter 1 & 2 Practice
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questions with verified answers
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During |the |winter |of |1999, |road |accidents |occurred |every |Friday |night |in |a |suburb |of |Oklahoma.
|Citizens |assumed |Fridays |cause |accidents. |This |hypothesis |is |an |example |of
a |normative |statement.
an |assumption |that |causation |implies |correlation.
a |positive |statement.
an |assumption |that |correlation |implies |causation. |- |✔✔💯an |assumption |that |correlation |implies
|causation.
Which |of |the |following |is |true |of |the |degree |to |which |minor |details |can |be |ignored |to |understand |the
|functioning |of |an |economy?
It |depends |on |the |objective |of |the |analysis.
It |depends |on |the |cost |of |collecting |detailed |data.
It |depends |on |the |time |required |to |complete |an |analysis.
It |depends |on |the |researcher's |convenience. |- |✔✔💯It |depends |on |the |objective |of |the |analysis.
In |the |short |run, |an |increase |in |the |unemployment |rate |is |likely |to |be |accompanied |by
,a |decrease |in |the |inflation |rate.
an |increase |in |the |supply |of |money.
an |increase |in |the |interest |rate.
an |increase |in |the |inflation |rate. |- |✔✔💯a |decrease |in |the |inflation |rate.
Which |of |these |firms |would |be |defined |as |a |strictly |American |corporation?
Microsoft
Ford |Motor |Company
Apple |Computer
Nissan |Motor |Company
None |of |these |corporations |are |strictly |American |corporations. |- |✔✔💯None |of |these |corporations
|are |strictly |American |corporations.
The |composition |of |the |labor |force |in |the |United |States |has |undergone |major |changes |over |the |years
|and |there |has |been
a |noticeable |increase |in |the |percentage |of |women |in |the |paid |labor |force.
an |increase |in |the |number |of |teenage |workers.
an |increase |in |the |ratio |of |male |to |female |workers.
, a |noticeable |decrease |in |the |percentage |of |women |in |the |paid |labor |force. |- |✔✔💯a |noticeable
|increase |in |the |percentage |of |women |in |the |paid |labor |force.
Progressive |income |taxes |are |imposed |in |such |a |manner |that
the |tax |rate |decreases |as |the |amount |subject |to |taxation |increases.
the |same |tax |rate |is |applicable |to |all |tax |payers.
tax |liability |and |income |grow |in |equal |proportion.
the |ratio |of |taxes |to |income |rises |as |income |increases. |- |✔✔💯the |ratio |of |taxes |to |income |rises |as
|income |increases.
A |valid |reason |for |government |regulation |could |be
fulfilling |some |social |objective |that |
markets |fail |to |achieve.
a |desire |on |the |part |of |the |government |to |control |every |productive |activity.
a |desire |on |the |part |of |the |government |to |further |its |political |
interests.
preventing |capitalism |from |being |too |productive. |- |✔✔💯fulfilling |some |social |objective |that |
markets |fail |to |achieve.
The |U.S. |budget |has
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questions with verified answers
| | | |
During |the |winter |of |1999, |road |accidents |occurred |every |Friday |night |in |a |suburb |of |Oklahoma.
|Citizens |assumed |Fridays |cause |accidents. |This |hypothesis |is |an |example |of
a |normative |statement.
an |assumption |that |causation |implies |correlation.
a |positive |statement.
an |assumption |that |correlation |implies |causation. |- |✔✔💯an |assumption |that |correlation |implies
|causation.
Which |of |the |following |is |true |of |the |degree |to |which |minor |details |can |be |ignored |to |understand |the
|functioning |of |an |economy?
It |depends |on |the |objective |of |the |analysis.
It |depends |on |the |cost |of |collecting |detailed |data.
It |depends |on |the |time |required |to |complete |an |analysis.
It |depends |on |the |researcher's |convenience. |- |✔✔💯It |depends |on |the |objective |of |the |analysis.
In |the |short |run, |an |increase |in |the |unemployment |rate |is |likely |to |be |accompanied |by
,a |decrease |in |the |inflation |rate.
an |increase |in |the |supply |of |money.
an |increase |in |the |interest |rate.
an |increase |in |the |inflation |rate. |- |✔✔💯a |decrease |in |the |inflation |rate.
Which |of |these |firms |would |be |defined |as |a |strictly |American |corporation?
Microsoft
Ford |Motor |Company
Apple |Computer
Nissan |Motor |Company
None |of |these |corporations |are |strictly |American |corporations. |- |✔✔💯None |of |these |corporations
|are |strictly |American |corporations.
The |composition |of |the |labor |force |in |the |United |States |has |undergone |major |changes |over |the |years
|and |there |has |been
a |noticeable |increase |in |the |percentage |of |women |in |the |paid |labor |force.
an |increase |in |the |number |of |teenage |workers.
an |increase |in |the |ratio |of |male |to |female |workers.
, a |noticeable |decrease |in |the |percentage |of |women |in |the |paid |labor |force. |- |✔✔💯a |noticeable
|increase |in |the |percentage |of |women |in |the |paid |labor |force.
Progressive |income |taxes |are |imposed |in |such |a |manner |that
the |tax |rate |decreases |as |the |amount |subject |to |taxation |increases.
the |same |tax |rate |is |applicable |to |all |tax |payers.
tax |liability |and |income |grow |in |equal |proportion.
the |ratio |of |taxes |to |income |rises |as |income |increases. |- |✔✔💯the |ratio |of |taxes |to |income |rises |as
|income |increases.
A |valid |reason |for |government |regulation |could |be
fulfilling |some |social |objective |that |
markets |fail |to |achieve.
a |desire |on |the |part |of |the |government |to |control |every |productive |activity.
a |desire |on |the |part |of |the |government |to |further |its |political |
interests.
preventing |capitalism |from |being |too |productive. |- |✔✔💯fulfilling |some |social |objective |that |
markets |fail |to |achieve.
The |U.S. |budget |has
