Exam 1: What Is Economics

You have the choice to go skiing during spring break,staying at the university to study,or spending the week visiting your family.If you decide to go skiing,the opportunity cost of the holiday is

A normative statement is a statement regarding

The fact that some people can afford to live in beautiful homes while others are homeless is an example of an economy facing the ________ question.

Use the figure below to answer the following questions. Figure 1A.4.5 -Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case) Refer to Figure 1A.4.5.Which line shows the relationship of cola sales and its price when the temperature is 30°C?

A university decides to change its late night bus service between the campus and student housing from a fare-based service to a free service.This statement means that the incentive to ride the bus ________ and the opportunity cost of a bus ride ________.The university's decision is a ________ decision.