Liberty ECON 213 InQuizitive Ch. 2 Answers Complete Solutions
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Drag each formula to the part of the graph where it would be most useful.
area = one-half1212 × height × base, area = height × base, slope = StartFraction change in y Over change in x EndFractionchange in ychange in x
Each box below describes a relationship between two variables that has been interpreted incorrectly. Apply the appropriate label to each mistake.
Drinking a lot of water leads to sunburn. People who visit the dentist are more likely to get a cavity. Cars that mechanics work on regularly are more likely to break down. People become tired when they wear athletic clothes.
What were the key factors that made the Wright brothers’ wind tunnel a useful tool for wing design?
allowed measurement of wing performance, enabled independent control of each key variable, could be used without prior knowledge of aerodynamics, included an element of unpredictability
What methods may an economist use to test a hypothesis?
Apply the appropriate label to each pair of variables.
STATUS
team t-shirt sales and the winning percentage of the team, seat belt use and car crash fatalities, ice cream sales and temperature, rainfall and number of visitors at a golf course
The figure shows the production possibilities frontier for an economy that produces only two goods, pizzas and wings. Label each point in the figure with the appropriate description
not currently possible, efficient mix of both pizza and wings, maximum wings, maximum pizza, inefficient mix of both pizza and wings
Assume that an economy produces only two goods, pizza and wings. Place the events in order, to show how an improvement in pizza-making technology would lead to an increase in wing production.
Calculate the slope of the curve between points B and C.
Which numbers would be used to calculate Mike Piazza’s opportunity cost for producing wings?
The figure shows an increase in resources that shifts the production possibilities frontier from PPF1 to PPF2. For someone producing only wings, what is the change in opportunity cost compared with producing only pizza?
Fill in the blanks to complete the passage about positive and normative statements. A statement can be tested and validated by gathering . By contrast, a statement is assessed in light of and opinions.
In A Knight’s Tale, three friends are deciding what to do with 15 silver coins they won in a jousting tournament. They can spend their winnings immediately and live the good life for a while, or they can spend the money on training for the next tournament. They ultimately decide to spend most of the winnings on training for the next tournament. What does their decision represent? More than one choice may be correct.
In the figure, PPF1 represents society today and PPF2 represents society in the future, after a period of technological progress. Click on the two sections of PPF1 associated with the biggest expansion of PPF2.
What simplifying assumption would explain the straight-line appearance of the PPF in the figure?
The production resources are fixed even if their use changes.
Society naturally produces at full capacity.
Correlation does not always indicate direct causation
