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## Answer the question on the basis of the following five data sets

1. Answer the question on the basis of
the following five data sets wherein it is assumed that the variable shown on
the left is the independent variable and the one on the right is the dependent
variable. Assume in graphing these data that the independent variable is shown
on the horizontal axis and the dependent variable on the vertical axis.

.0/msohtmlclip1/01/clip_image001.png” alt=”Description: picture”>

Refer to the data sets. For which data set(s) is the vertical intercept zero?
A: Data set
4.
B: Data set
5.
C: Data sets
2 and 3.
D: Data set
1.

2. In a market system, employees and
suppliers:
A: are
usually shielded from risk, but at the cost of not sharing in the profits of
the firm.
B: are
usually shielded from risk and share in the profits of the firm.
C: are
generally subject to as much risk as firm owners but get to share in the
profits.
D: bear as
much risk as firm owners but don’t get to share in the profits.

.0/msohtmlclip1/01/clip_image002.png” alt=”Description: picture”>

3. Refer to the diagram, in which S1 and D1 represent
the original supply and demand curves and S2 and D2 the
new curves. In this market the indicated shift in demand may have been caused
by:
A: a decline
in the number of buyers in the market.
B: a decline
in the price of a substitute good.
C: an
increase in incomes if the product is a normal good.
D: an
increase in incomes if the product is an inferior good.

4. Given a downsloping demand curve and
an upsloping supply curve for a product, an increase in the price of a
substitute good (from the buyer’s perspective) will:
A: Increase
equilibrium price and quantity.
B: decrease
equilibrium price and quantity.
C: Increase
equilibrium price and decrease equilibrium quantity.
D: decrease
equilibrium price and increase equilibrium quantity.

5. The law of demand states that, other
things equal:
A: price and
quantity demanded are inversely related.
B: the larger
the number of buyers in a market, the lower will be product price.
C: price and
quantity demanded are directly related.
D: consumers
will buy more of a product at high prices than at low prices.

.0/msohtmlclip1/01/clip_image002.png” alt=”Description: picture”>

6. Refer to the diagram, in which S1 and D1 represent
the original supply and demand curves and S2 and D2 the
new curves. In this market the indicated shift in demand may have been caused
by:
A: a decline
in the number of buyers in the market.
B: a decline
in the price of a substitute good.
C: an increase
in incomes if the product is a normal good.
D: an
increase in incomes if the product is an inferior good.

7.(Advanced
analysis) Answer the question on the basis of the following information. The
demand for commodity X is represented by the equation P = 10 –
0.2Q and supply by the equation P = 2 + 0.2Q.

Refer to the given information. The equilibrium quantity is:
A: 10.
B: 20.
C: 15.
D: 30.

8. (Advanced
analysis) Answer the question on the basis of the following information. The
demand for commodity X is represented by the equation P = 10 –
0.2Q and supply by the equation P = 2 + 0.2Q.

Refer to the given information. The equilibrium price for X is:
A: \$2.
B: \$4.
C: \$6.
D: \$7.

9. When a
nation is in a debt crisis, the government’s level of debt is so high that:
A: monetary
policy is ineffective.
B: the
government is unable to find willing lenders so it can continue borrowing.
C: it can
only be solved with a fiscal stimulus of lower taxes and more government
spending.
D: other
countries will be unwilling to buy goods and services from the nation.

10.A debt
crisis refers to how much government spending exceeds tax revenues in a given
year.
A: True
B: False

11.What do
neoclassical economics and behavioral economics believe about giving people
options?
A: Both
believe that people make better decisions when they are given a greater set of
options.
B: Behavioral
economics focuses on providing more options; neoclassical economics focuses on
helping people make more rational decisions with the options available.
C: Neoclassical
economics focuses on providing more options; behavioral economics focuses on
helping people make better decisions with the options available.
D: Both
believe that people are better off with fewer options, allowing them to spend
more time calculating the benefits and costs of each available option.

12. Al regularly
pays the full amount of taxes due, even though he could easily hide some of his
income and reduce his tax burden, with no risk of getting caught. According to
behavioral economics:
A: Al is not
economically rational in his behavior.
B: fairness
and other moral considerations cause Al to act contrary to his pure
self-interest.
C: Al is
more ethical than the majority of the population.
D: heuristics
are causing Al to act honorably, not a conscious or1. Answer the question on the basis of
the following five data sets wherein it is assumed that the variable shown on
the left is the independent variable and the one on the right is the dependent
variable. Assume in graphing these data that the independent variable is shown
on the horizontal axis and the dependent variable on the vertical axis.

.0/msohtmlclip1/01/clip_image001.png” alt=”Description: picture”>

Refer to the data sets. For which data set(s) is the vertical intercept zero?
A: Data set
4.
B: Data set
5.
C: Data sets
2 and 3.
D: Data set
1.

2. In a market system, employees and
suppliers:
A: are
usually shielded from risk, but at the cost of not sharing in the profits of
the firm.
B: are
usually shielded from risk and share in the profits of the firm.
C: are
generally subject to as much risk as firm owners but get to share in the
profits.
D: bear as
much risk as firm owners but don’t get to share in the profits.

.0/msohtmlclip1/01/clip_image002.png” alt=”Description: picture”>

3. Refer to the diagram, in which S1 and D1 represent
the original supply and demand curves and S2 and D2 the
new curves. In this market the indicated shift in demand may have been caused
by:
A: a decline
in the number of buyers in the market.
B: a decline
in the price of a substitute good.
C: an
increase in incomes if the product is a normal good.
D: an
increase in incomes if the product is an inferior good.

4. Given a downsloping demand curve and
an upsloping supply curve for a product, an increase in the price of a
substitute good (from the buyer’s perspective) will:
A: Increase
equilibrium price and quantity.
B: decrease
equilibrium price and quantity.
C: Increase
equilibrium price and decrease equilibrium quantity.
D: decrease
equilibrium price and increase equilibrium quantity.

5. The law of demand states that, other
things equal:
A: price and
quantity demanded are inversely related.
B: the larger
the number of buyers in a market, the lower will be product price.
C: price and
quantity demanded are directly related.
D: consumers
will buy more of a product at high prices than at low prices.

.0/msohtmlclip1/01/clip_image002.png” alt=”Description: picture”>

6. Refer to the diagram, in which S1 and D1 represent
the original supply and demand curves and S2 and D2 the
new curves. In this market the indicated shift in demand may have been caused
by:
A: a decline
in the number of buyers in the market.
B: a decline
in the price of a substitute good.
C: an increase
in incomes if the product is a normal good.
D: an
increase in incomes if the product is an inferior good.

7.(Advanced
analysis) Answer the question on the basis of the following information. The
demand for commodity X is represented by the equation P = 10 –
0.2Q and supply by the equation P = 2 + 0.2Q.

Refer to the given information. The equilibrium quantity is:
A: 10.
B: 20.
C: 15.
D: 30.

8. (Advanced
analysis) Answer the question on the basis of the following information. The
demand for commodity X is represented by the equation P = 10 –
0.2Q and supply by the equation P = 2 + 0.2Q.

Refer to the given information. The equilibrium price for X is:
A: \$2.
B: \$4.
C: \$6.
D: \$7.

9. When a
nation is in a debt crisis, the government’s level of debt is so high that:
A: monetary
policy is ineffective.
B: the
government is unable to find willing lenders so it can continue borrowing.
C: it can
only be solved with a fiscal stimulus of lower taxes and more government
spending.
D: other
countries will be unwilling to buy goods and services from the nation.

10.A debt
crisis refers to how much government spending exceeds tax revenues in a given
year.
A: True
B: False

11.What do
neoclassical economics and behavioral economics believe about giving people
options?
A: Both
believe that people make better decisions when they are given a greater set of
options.
B: Behavioral
economics focuses on providing more options; neoclassical economics focuses on
helping people make more rational decisions with the options available.
C: Neoclassical
economics focuses on providing more options; behavioral economics focuses on
helping people make better decisions with the options available.
D: Both
believe that people are better off with fewer options, allowing them to spend
more time calculating the benefits and costs of each available option.

12. Al regularly
pays the full amount of taxes due, even though he could easily hide some of his
income and reduce his tax burden, with no risk of getting caught. According to
behavioral economics:
A: Al is not
economically rational in his behavior.
B: fairness
and other moral considerations cause Al to act contrary to his pure
self-interest.
C: Al is
more ethical than the majority of the population.
D: heuristics
are causing Al to act honorably, not a conscious or deliberative thought
process.
deliberative thought
process.

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