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Economic analysis requires us to combine unlimited resources with limited want

Economic analysis requires us to combine:

A. unlimited resources with limited wants.

B. theory with observations.

C. developed and developing nations.

D. republicans and democrats.

102.When two variables have been observed to have a tendency to occur at the same time, we can say there is ____________ but not necessarily ____________.

A. causation; correlation

B. correlation; causation

C. positivity; causation

D. normality; correlation

103."More people purchase chap stick when the weather man announces that we are in for a very windy week." This statement implies that:

A. buying chap stick causes it to be windy.

B. people plan on kissing more on windy days.

C. buying chap stick is correlated with the announcement of a windy week.

D. the weather man is getting a kickback from the makers of chap stick.

104.The Widgetville County Woolfpack has won 90 percent of their last 20 games played under a full moon. This means:

A. the weather affects how they play.

B. there is a correlation between their play and the occurrence of a full moon.

C. that full moons cause the team to play better.

D. that causation can be found between the two events.

105.If out of the two cities that send teams to the Super Bowl, the city with the lowest unemployment rate wins 70 percent of the time, there would be:

A. a positive correlation between Super Bowl wins and low unemployment rates.

B. evidence to conclude that richer cities have better super bowl teams.

C. the condition of ceteris paribus present in the winning cities.

D. None of these statements is necessarily true.

106.When toilet paper sales increase, quarterly economic growth tends to rise. This is an example of:

A. two variables that are negatively correlated.

B. the presence of ceteris paribus.

C. correlation without causation.

D. a consumer price indicator.

107.When the price of milk rises, there is no change in the amount of dog food purchased. This is an example of:

A. consumer indifference between the two goods.

B. the interaction between one normal good and one inferior good.

C. two items that are uncorrelated.

D. the value people place on dogs versus milk.

108.As corn prices rise, salsa sales tend to fall. This an example of:

A. ingredients for an Italian dinner.

B. inferior goods.

C. two uncorrelated events.

D. a negative correlation.

109.When the unemployment rate rises, college enrollment increases because workers seek to expand training. This is an example of:

A. correlation and causation.

B. a negative correlation.

C. normative economics.

D. macroeconomics.

110.As monthly rain levels rise, golf course revenue falls because casual golfers prefer to stay dry. This is an example of:

A. price elasticity.

B. natural experiments.

C. sunk costs.

D. correlation and causation.

Feb 15 2020 Read more Less More

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