Exam 1: What Is Economics

In choosing among alternative models, economists generally have the strongest preference for models that

Use the figure below to answer the following question. Figure 1A.5.2 -If the equation of a straight line is y = 8 - 2x, then the slope is

Opportunity cost is

When the government chooses to use resources to build a dam, those resources are no longer available to build a highway.This illustrates the concept of

Use the figure below to answer the following questions. Figure 1A.1.2 -Refer to Figure 1A.1.2.When y increases from 5 to 6, x

According to the U.S.Bureau of Labor Statistics, between 2014 and 2024

Which of the following is a normative statement?

When a firm decides to produce more hybrid cars and fewer gas guzzlers, it is answering the question.

Use the table below to answer the following questions. Table 1A.4.2 -Table 1A.4.2 shows that

The creation of a successful movie can influence the main questions that economics seeks to answer.Choose the statement that is false.

A university decides to change its late night bus service between the campus and student housing from a fare- based service to a free service.This statement means that the incentive to ride the bus and the opportunity cost of a bus ride .The university's decision is a _ decision.

Use the figure below to answer the following question. Figure 1A.5.5 -Refer to Figure 1A.5.5.The graph shows the relationship between two variables, x and y.Which of the following equations describes this relationship?

You have the choice to go skiing during spring break, staying at the university to study, or spending the week visiting your family.If you decide to go skiing, the opportunity cost of the holiday is

An art museum decides to offer audio tour downloads rather than have tour guides.The museum is answering the question.

"The rich face higher income tax rates than the poor, which is not good since it is the rich who provide jobs for the poor." This is an example of

"There can be too much of a good thing." This statement suggests that

Which factor of production includes the "gifts of nature"?

Scarcity confronts

An economic model is tested by

Use the figure below to answer the following questions. Figure 1A.2.4 -Refer to Figure 1A.2.4.If theory predicts that a rise in the wage rate x leads to a rise in the amount of labour supplied in the economy y, which graph represents this relationship?