Exam 1: What Is Economics

-In the figure above, suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply. If the price of pecans increases

The opportunity cost of any action is

-The above table shows data on two variables. If these data were graphed, the slope of the line would be

China's population is about 1.5 billion, while the population of the United States is about 300 million. This fact means that China has much more human capital than the U.S. does. True or false? Explain your answer.

-In the above figure, the slope across the arc between c and d is

-The table above gives productivity growth rate data for the nation of Alachua. Between 1994 and 1997, the trend in productivity growth was

-In the above figure, the relationship between x and y is

-The figure above is an example of a

If an increase in x (the variable on the horizontal axis) from 6 to 8 units causes a decrease in y (the variable on the vertical axis) from 4 to 3 units, the slope equals

The statement "Managers with a college education earn $18 an hour while ski instructors who did not complete college earn $10" is

You think that the volume of textiles produced in the United States has generally decreased. This belief means that in a time- series graph illustrating the total amount produced, you expect to find

A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope is negative. Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.

If you study 3 hours for an exam, you can raise your score by 30 points. If you study for another 3 hours your score increases by 10 points. And if you study for another 3 hours, your score will increase by 5 more points. A graph displaying this relationship between the number of hours studied and your total exam score would show

In broad terms the difference between microeconomics and macroeconomics is that

-In the above figure,

-The slope in the above figure is

When the Target Pharmacy offers automatic refills of prescriptions versus coming into the store and ordering through the pharmacist, it is

When BestBuy chooses to devote more sales space to HDTV sets than to computers, BestBuy

Scarcity can be eliminated through

Which of the following is a microeconomic topic?