Exam 1: What Is Economics

The term "opportunity cost" points out that

If two variables are unrelated, a scatter diagram of those variables will

Fundamental economic problems basically arise from

Keeping in mind economists' definition of factors of production, which of the following is NOT a factor of production?

The faster an automobile is driven (speed), the lower the miles per gallon (mpg) for that automobile. Given this information, we say that an automobile's speed and mpg have

The slope of a curved line can be approximated by

-Which of the following correctly describes the above figure? I. There is no relationship between the price of an avocado and a student's grade in economics. II. The value of variable measured on the y- axis is constant as the variable measured on the x- axis increases. III. As a student's grade in economics increases, the price of an avocado increases.

-In the above figure, the y- coordinate of point b is

-Using the data in the above table, if income is on the x- axis and the amount spent on restaurant meals is on the y- axis, the graph of the two variables would be

Which of the following statements are correct? I. The "highest- valued alternative given up to get something" is the opportunity cost. II. Wealthy economies don't experience opportunity costs. III. Scarcity creates opportunity costs.

The statement that _ is a positive statement.

A time- series graph displays the price of copper. The slope of the line is negative for periods when the

Microeconomics is the study of .

The marginal benefit is the

A normative statement concerns

Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time. Jed will complete the assignment he values the

Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later, though he could continue to play football at $2 million a year, he quits football to make movies for $3 million a year. His opportunity cost of playing football at graduation was and eight years later the opportunity cost of making movies was _ .

-The slope of the line shown in the above figure is

If a curve rises and then falls, it shows a

In which of the following cases is the slope of a line positive and less than infinity?