Exam 1: What Is Economics

Use the figure below to answer the following question. Figure 1A.5.2 -If the line in Figure 1A.5.2 were to continue down to the x-axis,what would the value of x be when y is zero?

Use the information below to answer the following questions. Fact 1.4.1 Costco When Costco opened a gas bar just off Highway 401,the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre. -Refer to Fact 1.4.1.To control the crowd Costco hires traffic police.When Costco hires traffic police,it faces a tradeoff that could include all of the following except

Use the information below to answer the following questions. Fact 1.4.1 Costco When Costco opened a gas bar just off Highway 401,the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre. -Refer to Fact 1.4.1.The opportunity cost of a litre of gas includes

Use the figure below to answer the following questions. Figure 1A.1.1 -The graphs in Figure 1A.1.1 are examples of

Choose the correct statement.

Use the figure below to answer the following questions. Figure 1A.2.4 -Refer to Figure 1A.2.4.Which of the graphs shows a positive relationship between x and y?

If variables x and y move up and down together,they are

The inescapable economic fact is that

Which of the following creates an incentive to increase the amount of an activity?

The concept of opportunity cost

Use the figure below to answer the following questions. Figure 1A.3.3 -In Figure 1A.3.3 the relationship between x and y as x increases is

Use the figure below to answer the following questions. Figure 1A.2.4 -Refer to Figure 1A.2.4.If economic theory predicts that higher levels of the rate of interest (x)lead to lower levels of sales of houses (y),which graph represents this economic relationship?

Which of the following is a positive statement?

A star athlete can afford a garage full of exotic cars while other people can only afford to take a city bus for transportation.This is an example of an economy facing the ________ question.

Use the figure below to answer the following questions. Figure 1A.3.4 -Figure 1A.3.4 illustrates two variables,x and y,which are

Model A is superior to model B if

Use the figure below to answer the following question. Figure 1A.5.1 -The equation of the line in Figure 1A.5.1 is

Use the figure below to answer the following question. Figure 1A.3.8 -The slope of the line in Figure 1A.3.8 is

The problem of scarcity applies

Given the data in Table 1A.4.2,holding price constant,the graph of the purchases of strawberries,measured on the x-axis and family income,measured on the y-axis is a