Exam 1: What Is Economics

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score. Is the relationship between hours on the web and the SAT score positive, negative, neither? Explain your answer.

On a graph, an upward- sloping curve that is flatter as you move away from the origin indicates a

As a curve approaches a maximum point, the slope will

Scarcity arises from

-Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis, the graph would show

Human resources that perform the functions of organizing, managing, and assembling the other resources are called

Normative economic statements

Managers at Dell are deciding whether to increase their production of Inspiron laptops by 4,000 per month. With the increased production, the company's revenue will increase by $10 million a month, its cost will increase by $9 million a month, and its total monthly profit will be $30 million. Dell's managers

-In the above figure, using the slope across an arc, the slope of the curve between points b and c is

Explain whether the statement, "There is life on Mars," is a normative or positive statement.

Along a curve, when one variable increases, the other variable decreases. The curve showing this relationship has

When Susan makes the statement, "The government should spend less money to take care of national parks," she is

Dell Computers decides to produce PCs and sell them directly over the Internet and via BestBuy. This is an example of

Which of the following is NOT a factor of production?

If two variables are positively related, then

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes. Is the relationship between advertising and the number of games sold positive, negative, or neither? Explain your answer.

If the x- axis variable increases while the y- axis variable decreases, the variables x and y are negatively related.

Studying the determination of prices in individual markets is primarily a concern of

-In the above figure, which curve shows a positive relationship between x and y?

When a wealthy businessman is unable to buy tickets to the Super Bowl, he or she experiences )