ECN 361 Topic 1 Quiz Grand Canyon

1. Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 2. Question: Which of the following is an example of a normative, as opposed a to positive, statement? 3. Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of shoes from 400 to 600? 4. Question: As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if 5. Question: Suppose Jim and Tom can both produce two goods: baseball bats and hockey sticks. Which of the following is not possible? 6. Question: A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions? 7. Question: Fundamentally, economics deals with 8. Question: When two variables have a positive correlation, 9. Question: Instead of conducting laboratory experiments to generate data to test their theories, economists often