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3. Which of the following statements regarding the use of graphs
to depict economic relationships is not correct?
4. Graphs are a means of depicting the relationship between two
variables. These variables are usually identified as
5. The equation for the graphic plot of a linear economic
variable is D = b + m(a), where m > 0. Which of the following is the
slope of the economic "curve" represented by this equation?
6. Measures of the economic activity of an entire nation would be
included in the study of
7. The free-market economy flow model depicts four major
interrelated flows:I . Individuals provide economic resources to
business firms.II. Firms provide payment to individuals for
economic resources.III. Firms provide goods and services to
individuals.IV. Individuals provide payment to firms for goods and
services.
8. If the cost of imported oil declined suddenly and significantly,
which one of the above flows would be most likely to be the first
impacted?
9. The free-market economy flow model depicts four major
interrelated flows:I . Individuals provide economic resources to
business firms.II. Firms provide payment to individuals for
economic resources.III. Firms provide goods and services to
individuals.IV. Individuals provide payment to firms for goods and
services.
10. If financial institutions and businesses suddenly and severely
restrict the availability of consumer credit, which one of the above
flows would be most likely to be the first to be impacted adversely?
11. Which of the following are considered economic resources?
12. In a free-market economy, which of the following should be the
least significant factor in determining resource allocation and use?