Quiz One

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities: A B C D E F Tanks 0 1 2 3 4 5 Autos 1000 950 850 650 350 0 Refer to the above table. According to the production possibilities schedule, a combination of 4 tanks and 650 autos is:

Not attainable because the nation does not have sufficient resources

Which of the following is the fallacy in the fallacy of composition?

What is true for the part is necessarily also true for the whole

A stapler on the desk of an administrative assistant is an example of ...

capital

State "micro" or "macro" to indicate whether the following statement applies to microeconomics or macroeconomics. Fourth quarter profits were lower for Macy's in 2015 than in 2014.

micro

Given the following linear equation, what is the slope? y = 7 + 2x

2

The following statement is normative. " The tree in my front yard grew 17 feet last year."

False

State "micro" or "macro" to indicate whether the following statement applies to microeconomics or macroeconomics. The US unemployment rate was 9% in 2008.

macro

How do you shift a Production Possibilities Curve outward?

the production possibilities curve shifts out to the right

y = 8x + 2 What is the independent variable in the linear equation above?

x

Given the following linear equation, what is the dependent variable? y = mx+b

y