02 Micro quiz questions

The slope of a steep downward sloping line will be a a. small positive number b. small negative number c. large positive number d. large negative number

large negative number

Normative conclusions a. are based on ignorance of positive analysis. b. come from positive analysis alone. c. involve value judgments. d. reflect the economist's role as scientist.

involve value judgments

When two variables have a positive correlation, a. they tend to move in opposite directions. b. the variables' values are never negative. c. they tend to move in the same direction. d. one variable will move while the other remains constant.

The variable tend to move in the same direction

Economic models a. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models. b. are simplifications of reality, and in this respect economic models are no different from other scientific models. c. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models. d. are simplifications of reality, and in this respect economic models are very different from other scientific models.

are simplifications of reality, and in this respect economic models are no different from other scientific models

"Ensuring that Social Security is financially sound for future generations is an important use of taxpayer dollars" is an example of a a. judgment based on evaluation of evidence, not values. b. statement made by an economist working as a scientist. c. normative economic statement. d. positive economic statement.

normative economic statement

Economists speaking like policy advisers make a. claims about how the world is. b. More than one of the above is correct. c. normative statements. d. descriptive statements.

normative statements

Economists view normative statements as a. descriptive, making a claim about how the world is. b. prescriptive, making a claim about how the world ought to be. c. pessimistic, putting the worst possible interpretation on things. d. statements about the normal condition of the world.

prescriptive, making a claim for how the world ought to be

Which of the following areas of study typifies macroeconomics as opposed to microeconomics? a. the economic impact of tornadoes on cities and towns in Oklahoma b. how tariffs on shoes affects the shoe industry c. the effects of rent control on the availability of housing in New York City d. the effect on the economy of changes in the nation's unemployment rate

the effect on the economy of changes in the nation's unemployment rate

When two variables have a negative correlation and the x-variable decreases, a. the y-variable decreases. b. the x-variable can never be positive. c. the y-variable stays the same. d. the y-variable increases.

the y-variable increases

Positive correlations are a. upward sloping b. downward sloping c. random d. all of the above

upward sloping