Exam 1 day 3 31-45
34. In the early 1920s, a. Germany experienced a very high rate of inflation. b. the quantity of German money was declining rapidly. c. the value of German money remained almost constant. d. all of the above are correct.
a. germany experienced a very high rate of inflation
35. President Ronald Reagan once joked that a Trivial Pursuit game designed for economists would a. have no questions but hundreds of answers. b. have 100 questions and 3,000 answers. c. have 1,000 questions but no answers. d. never produce a winner
b. have 100 questions and 3,000 answers
45. The slope of a line is equal to a. the change in the value of x divided by the change in the value of y. b. the change in the value of y divided by the change in the value of x. c. the horizontal distance divided by the vertical distance. d. the value of y divided by the value of x.
b. the change in the value of y divided by the change in the value of x
33. The slow growth of U.S. incomes during the 1970s and 1980s can best be explained by a. unstable economic conditions in Eastern Europe. b. increased competition from abroad. c. a decline in the rate of increase in U.S. productivity. d. a strong U.S. dollar abroad, hurting U.S. exports.
c. a decline in the rate of increase in u.s productivity
39. The x-coordinate of an ordered pair specifies the a. diagonal location of the point. b. vertical location of the point. c. horizontal location of the point. d. quadrant location in which the point is located.
c. horizontal location of the point
37. Graphs such as bar graphs and pie charts are limited in that they a. can only show variables that are positively related. b. can only show variables that have a negative correlation. c. provide information on only one variable. d. provide information on no more than two variables.
c. provide information on only one variable
32. The term "productivity" a. means the same thing as "efficiency." b. is seldom used by economists, as its meaning is not precise. c. refers to the quantity of goods and services produced from each unit of labor input. d. refers to the variety of goods and services from which households can choose when they shop.
c. refers to the quantity of goods and services produced from each unit of labor input
31. In 2011, the average American earned about $48,000 while the average Nigerian earned about $1,200. Which of the following statements is likely? a. The average American purchases more televisions than the average Nigerian. b. The average American has better nutrition and healthcare than the average Nigerian. c. The average American has a longer life expectancy than the average Nigerian. d. All of the above are correct.
d. All of the above
36. Sometimes economists disagree because their scientific judgments differ. Which of the following instances best reflects this source of disagreement? a. One economist believes everyone should pay the same percentage of their income in taxes; another economist believes that wealthier citizens should pay a higher percentage of their income in taxes. b. One economist believes that manufacturing firms should face greater regulation to preserve the environment; another economist believes the government should not intervene in free markets. c. One economist believes that equality should be valued over efficiency in policy decisions; another economist believes that efficiency should be valued over equality in policy decisions. d. One economist believes the government should tax a household's income; another economist believes the government should tax a household's consumption.
d. One economist believes the government should tax a household's income; another economist believes the government should tax a household's consumption.
38. To display information on two variables, an economist must use a. a bar graph. b. a pie chart. c. the coordinate system. d. a time-series graph
d. the coordinate system
40. In the ordered pair (5, 3), 3 is the a. horizontal location of the point. b. the slope. c. the x-coordinate. d. the y-coordinate.
d. the y coordinate