Question 1

In the past,environmentalists thought of economics as a method of maximizing profits.Presently,

Accepted Answer

Both choices A and B are correct. Environmentalists now recognize that economics can be used to properly allocate natural resources and economists are helping to create strategies for protecting the environment. However, choice C is incorrect as there are economists who work for environmental advocacy groups.

Question 2

According to economist John Maynard Keynes,a great economist must also be a(n)

Accepted Answer

According to Keynes, a great economist must not only have expertise in mathematics, but also in history and philosophy in order to understand the complex and ever-changing economic situations. Therefore, all of the above options are correct.

Question 3

Almost all economists agree that tariffs and import quotas

Accepted Answer

Tariffs and import quotas create artificial barriers to trade, resulting in higher prices for consumers and reducing overall economic efficiency. These measures can also provoke retaliation from trading partners, leading to a reduction in international trade and furthering negative economic impacts.

Question 4

Economists have helped modify the debate over the environment

Accepted Answer

Economists have contributed to the conversation on environmental issues by highlighting resource allocation concerns. They have demonstrated that environmental degradation can result from an imbalance in resource allocation and are advocating for sustainable policies that consider the environmental impact of resource utilization.

Question 5

An ordered pair is

Accepted Answer

An ordered pair is a pair of numbers (x,y) that can be represented by a single point on a graph. The first number, x, represents the horizontal position of the point and the second number, y, represents the vertical position of the point. Therefore, choice B is the correct answer.

Question 6

The 1990 amendment to the Clean Air Act

Accepted Answer

The 1990 amendment to the Clean Air Act implemented tradable allowances for acid rain, which allowed companies to trade allowances for the right to emit certain levels of sulfur dioxide and nitrogen oxides. This approach was deemed more cost-effective and flexible than traditional regulations. The amendment did not ban all forms of pollution, create a research council on asthma, or make global warming a national priority.

Question 7

In order to display information on two variables,an economist must use

Accepted Answer

The coordinate system, also known as a scatter plot or scatter diagram, is the best choice to display information on two variables. It allows for the plotting of data points with one variable on the x-axis and the other variable on the y-axis, which can then be visually analyzed for any correlations or relationships between the variables. A bar graph is used for displaying categorical data, a pie chart is used for displaying proportions of a whole, and a time-series graph is used for displaying data over time.

Question 8

The x-coordinate is the

Accepted Answer

The x-coordinate is always the first number of an ordered pair, and it represents the point's horizontal location on a Cartesian plane. The y-coordinate is the second number and represents the point's vertical location.

Question 9

Philip wants to create a graph containing the prices of apples and the corresponding quantities of apples demanded by customers.He should use a(n)

Accepted Answer

A coordinate system (also known as a scatter plot) is the best choice for displaying the relationship between two continuous variables, such as the price of apples and the quantity demanded. Pie charts are used for displaying parts of a whole, bar graphs are used for comparing discrete categories, and time-series graphs display changes over time.

Question 10

The first number in any ordered pair is

Accepted Answer

The first number in an ordered pair represents the x-coordinate, or the horizontal location of the point on the coordinate plane. This is the convention used in standard Cartesian coordinates.

Question 11

The x-coordinate of an ordered pair specifies the

Accepted Answer

The x-coordinate of an ordered pair specifies the horizontal location of the point. The y-coordinate specifies the vertical location.

Question 12

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science,it is a subject at which few excel?

Accepted Answer

Keynes believed that good economists needed to possess a rare combination of gifts, including a strong intuition for economics, a good grasp of mathematical technique and an ability to communicate effectively. He did not believe that most people studying economics were not very bright or that economics was necessarily boring or frustrating.

Question 13

The use of the coordinate system allows

Accepted Answer

The use of the coordinate system allows for the display of two variables on a single graph, allowing for analysis and comparison. While A and B may be true statements about economic systems, they do not directly relate to the use of coordinate systems. D is incorrect as pie charts and bar graphs do not require the use of a coordinate system.

Question 14

John Maynard Keynes referred to economics as an easy subject,

Accepted Answer

Keynes famously said, "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil."

However, he also famously quipped, "The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds." Therefore, despite describing economics as an easy subject, he acknowledged that it can be difficult to excel in due to the pervasive nature of old economic ideas.

Question 15

Which of the following is not an example of a graph of a single variable?

Accepted Answer

The answer of Which of the following is not an...

Question 16

Differences in scientific judgement between economists is similar to all of the following except

Accepted Answer

The differences in scientific judgement between economists can be likened to debates in other scientific fields, such as astronomers and meteorologists, where there may be disagreement over theories or findings. However, the fair distribution of taxes is not a scientific judgement, but rather a normative or ethical judgment. Therefore, the comparison to politicians arguing about tax fairness does not fit the category of scientific judgement.

Question 17

Which of the following is not correct?

Accepted Answer

Graphs may provide insights into the relationship between two economic variables, but they do not necessarily allow economists to draw indisputable conclusions about causes and effects. Other factors and variables may also influence the relationship being studied.

Question 18

Almost all economists agree that local and state governments should

Accepted Answer

Most economists argue that subsidizing professional sports teams is not a good use of taxpayer money. The benefits of professional sports franchises are not evenly distributed and they do not generate enough economic growth to justify the subsidies. Moreover, the money that is spent on these subsidies could be better used for public goods such as education, healthcare, and infrastructure. Therefore, eliminating subsidies to professional sports franchises is the best option.

Question 19

Graphs such as bar graphs and pie charts are limited in that they

Accepted Answer

Bar graphs and pie charts can only present information on one variable at a time. They do not allow for the comparison of multiple variables or the showcasing of relationships between variables.

Question 20

Which of the following allows you to provide information about the relationship between two variables?

Accepted Answer

The answer of Which of the following allows you to...

Quiz 2: Thinking Like an Economist