ECON100 (Wk. 1) -- Ch. 2

To display information on two variables, an economist must use: A. a bar graph B. a pie chart C. the coordinate system D. the time-series graph

C. the coordinate system

Refer to Figure 2-2: Boxes A and B of this circular-flow diagram represent: A. Firms and households B. Households and government C. The markets for goods and services and the markets for financial assets D. The markets for goods and the markets for services

A. Firms and households

The Council of Economic Advisors: A. Was created in 1946 B. Advises the president of the United States on economic matters C. Writes the annual Economic Report of the President D. All of the above

D. All of the above

Suppose an economy only produces two goods, robots and ice cream. Last month, the economy produced 10 robots and 200 gallons of ice cream. This month, the same economy produced 15 robots and 240 gallons of ice cream. Which of the following statements could explain this change? A. This month, the economy reduced the unemployment of its resources B. This month, the economy experienced an improvement in technology C. This month, the economy experienced an increase in resources D. All of the above are correct

D. All of the above are correct