Insurance

shows that in 1970, people 19 and under made up 77.2 million or 37.6% of the population; people between ages 20 and 64 made up 107.7 million or 52.5% of the population; and people 65 or older made up 20.1 million or 9.8% of the population. Image (b) shows that in 2000, people 19 and under made up 78.4 million or 28.5% of the population; people between ages 20 and 64 made up 162.2 million or 58.9% of the population; and people 65 or older made up 34.8 million or 12.6% of the population. Image (c) projects that in 2030, people 19 and under will make up 92.6 million or 26.4% of the population; people between ages 20 and 64 made up 188.2 million or 53.6% of the population; and people 65 or older made up 70.3 million or 20% of the population.) According to this pie chart, which age group made up almost 38% of the population in the year 1970?

19 and under

Every day, 500 airplanes in San Francisco incur an additional 30 minutes of airport delays when flying into or out of the airport. In Chicago, the delays amount to 15 minutes for 1,400 airplanes. If the price of time is $20/hour in San Francisco and $15/hour in Chicago, which airport incurs the largest opportunity cost?

Chicago

Macroeconomic topics can be impacted by which of the following microeconomic topics?

How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?

Identify the macroeconomic issue among the following statements.

The average cost of producing electricity nationally is rising.

The relationship between the circumference of a student's head and their test scores can best be represented on a graph by

a line with zero slope (no relationship between size of student head and test scores).

The town of Franklin has an economy composed entirely of two equally sized specialized tire manufacturers. Both company X and company Z produce race car tires and airplane tires. Company X is better at producing race car tires than Company Z which is better at producing airplane tires. In order to maximize output, Company X should

abandon the production of airplane tires to fully specialize in the production of race car tires and then trade with Company Z for airplane tires.

According to this graph, which age group will experience the greatest decline in population growth between 2000 and 2030?

between 20-64

Because of our limited money, time, and effort, we are best off when we allocate things

by constantly assessing the opportunity costs of our choices.

Natural resources, or land, can include the fertility of the land, minerals below it, and what other aspects?

climate

In economics, functions often describe cause and effect. In an economic function, the variable being described on the left-hand side represents a(n) ________?

effect

Macroeconomic policies that focus on government spending and taxes are considered

fiscal policies.

If a graph data line indicates that there is a zero slope, this means there

is a constant relationship between x and y.

What are the factors of production?

land, economic capital, labor, entrepreneurship

A company is trying to accurately predict how many more units of a product will be purchased by their customers if the product is discounted by 15%. What tool will assist the company to most accurately run this assessment?

mathematical equations

In a world of scarcity, we will never

meet all of society's wants.

What is NOT included in economic capital?

money

When certain assumptions are used to create a model of reality, its value can be tested and determined by its ability to

predict outcomes.

Once a model of reality is constructed around certain assumptions, it can be tested to determine its value in

predicting outcomes.

If Mikael decides to go out with his friends instead of study for his biology test, what is the opportunity cost?

preparation for his biology test

The distinguishing feature of economic capital (as opposed to financial capital, like money) is that it is

productive.

A nation that bans trade with other nations

will be unable to specialize in what they are good at and therefore end up consuming less.

Given that total spending for a certain household will always include a base amount of $1000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx, where

x represents income earned.

Which assumption below best reflects a basic understanding economists have about the world?

The world has limited productive resources.

If Sheila currently studies 3 hours per week and attends class 4 out of 4 possible hours per week and had a GPA of 2.0 last semester. Using the equation Grade = (0.50 x hours spent studying) + (0.25 x class attendance) + (0.25 x prior GPA) figure out, if Sheila wishes to get a 4.0, how many total hours per week does she need to study?

5.5 hours

Some highways have commuter or express pass lanes. During rush hour lanes on the highway move slowly or often are stop and go, but the express lanes continue to move at a faster pace. Express pass users pay for a transponder and monthly fees to have express lane access even with no other people in their cars. In this example, the drivers who purchase these express passes are probably

drivers who value speed and convenience more than those in the stop and go lanes and are willing to pay additional express pass fees for the option of avoiding traffic jams.

If Stan's Shoemaker Shop practices the division of labor and employees concentrate on one step of the shoe-making process, this will likely result in

greater production output.

Congress must vote whether to increase the government budget so as not to shut down the government this year. The vote passed and the budget ceiling has been increased to keep the government running. This is an example of what type of policy?

macroeconomic fiscal policy

The ________ simplifies the economy into two groups, firms and households, and allows us to make predictions about economic behavior.

the circular flow diagram

In the case of an inverse relationship between two variables, all else remaining constant

the value of the two variables will move in opposite directions from each other.

Scarcity is a condition that is everywhere and always, since it is based upon two assumptions that reflect permanent universal conditions. The assumptions are that more output will satisfy more wants and

the world has limited productive resources.

Economists would say that the decisions we make are influenced by

trade-offs.

When decisions need to be made, economists assume a decision will be influenced by its

trade-offs.

When picking up a rental car at an airport car rental agency, some travelers stand in line waiting to sign paperwork and pick up car keys at the rental desk while other travelers can go right to their rental car by using their rental car loyalty club card. In this example, the travelers who move quickly through to the parking lot pick up their car are probably You Answered

travelers who value convenience more than those waiting in line and are willing to pay additional club fees for the option of avoiding them.