Exam 1: What Is Economics

If the slope of the relationship between savings and interest rates is 0.5, then

When y changes, x stays the same. The line depicting this relationship would be

For the Jones household it has been estimated that for every ten degrees increase in the outdoor temperature the consumption of ice tea increases by 5 glasses. What type of relationship exists between temperature change and the consumption of ice tea?

Suppose you are working four nights per week at your courses and your grade point average is 3.5. You want a higher grade and decide to study an extra night each week. Your GPA now rises to 3.8. What is your marginal benefit from studying for one additional night a week?

Consider a diagram in which the variable measured on the y- axis remains constant while the variable measured on the x- axis increases. The graph is of this relationship is a

When a textile company keeps track of its inventory using a computer and its competitor uses a spreadsheet and pencil, they are both answering the question.

The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you'd have scored 70 percent. What was the opportunity cost of your evening at the movies?

Suppose we are considering the relationship between two variables y and x. y is measured on the y- axis and x is measured on the x- axis, and the relationship between then is a line. Suppose that the slope of the line is equal to 1. This slope means that

Suppose that we plot, on a bar chart, levels of average consumption per person for different age classes at a point in time. This graph is an example of a

The statement "An increase in the price of gasoline will lead to a decrease in the amount purchased" is

-In the above figure, the slope at point b is

When Delta Airlines encourages flyers to book their trips online versus making phone reservations, it is

-What does the slope of the curved line at point A shown in the above figure equal?

-What does the slope of the line shown in the above figure equal?

A graph shows the average wage of various demographic groups in 2007. The kind of graph used to show this data would be

-In the above figure, while moving along the line showing the relationship between household income and expenditure,

Which of the following is NOT an investment in human capital?

An economist is studying how wages for high- school dropouts vary among six western European countries in 2007. These data could be graphed in

The problem of "scarcity" applies

In economics, normative statements are about