Exam 1: What Economics Is About

The coordinates of point A are 50 units of X and 70 units of Y.The coordinates of point B are 46 units of X and 76 units of Y.With X on the horizontal axis and Y on the vertical axis,the slope of the line between points A and B is

Which of the following statements is true?

Every time you make a __________,you incur a (an)__________.

Economists use the word utility to describe the satisfaction one receives from a good.

Exhibit 1-2 -Refer to Exhibit 1-2. Based on the data provided in this table, what type of relationship exists between variables X and Y?

Amy's opportunity cost of going to the movies is

The slope of a curve varies from one point to another.

If it is discovered that using drugs enhances a person's chance of contracting a lethal disease,the cost of using drugs

Saying "the marginal costs are greater than the marginal benefits" is the same as saying

Exhibit 1-3 -Refer to Exhibit 1-3. Based on the data provided in this table, if these data were plotted in a two-variable diagram the result would be a ______________ sloping

When economists speak of scarcity,they are referring to the

The reason people can't have everything they want is because

Entrepreneurship is

If variable X goes up as variable Y goes down,then X and Y are

Which of the following is a positive microeconomics statement?

Which of the following statements is false?

Two variables are independent if as one variable __________,the other variable __________.

In economics,scarcity implies

If variable X goes down as variable Y goes down,then X and Y are

The branch of economics that studies the decisions made by individuals and firms is called macroeconomics.