Exam 1: What Is Economics

Use the figure below to answer the following question. Figure 1A.3.11 -Refer to Figure 1A.3.11.The graph shows a _ _ relationship.The absolute value of the slope of the relationship as the value of x increases.

The fact that a hockey star earns $10 million a year while a teacher earns $75,000 annually is an example of an economy facing the question.

Which factor of production earns the most income?

Which one of the following topics does macroeconomics study?

When a farmer decides to harvest tomatoes using machines instead of migrant workers, the farmer is answering the question.

Use the figure below to answer the following questions. Figure 1A.2.1 -Refer to Figure 1A.2.1.Which graph or graphs indicates a negative relationship between x and y?

Use the figure below to answer the following questions. Figure 1A.3.3 -In Figure 1A.3.3, the slope across arc AB is

Which of the following would be considered a microeconomic topic?

Use the figure below to answer the following questions. Figure 1A.3.3 -In Figure 1A.3.3 the relationship between x and y as x increases is

Marginal benefit is the

A good economic model

When the government of Alberta chooses to build more roads, the required resources are no longer available to provide better healthcare facilities.This situation illustrates the concept of

A normative statement is

Use the figure below to answer the following questions. Figure 1A.2.4 -Refer to Figure 1A.2.4.Which of the graphs shows a positive relationship between x and y?

Which of the following is not a factor of production?

Sue, who has a law degree, earns $200,000 a year, while Chris, a high- school dropout, earns $15.00 an hour.This is an example of an economy facing the question.

The relationship between two variables that move in opposite directions is shown graphically by a line that is

Choose the correct option regarding the earnings of economics majors.

Complete the following sentence.Capital is

The two big economic questions