Exam 1: What Is Economics

Operators of private dog parks in your city decide to eliminate their fees and allow dog owners to exercise their dogs in the parks at no charge. This statement means that the incentive to exercise dogs at the dog park .The operators' decision is a .

Which one of the following is an example of capital as a factor of production?

Use the figure below to answer the following question. Figure 1A.4.4 -Complete the following sentence.In Figure 1A.4.4, z is

The most important skills needed for an economics job include

Use the figure below to answer the following questions. Figure 1A.2.1 -Refer to Figure 1A.2.1.Which graph or graphs indicates no relationship between x and y?

Use the figure below to answer the following questions. Figure 1A.2.4 -Refer to Figure 1A.2.4.If economic theory predicts that higher levels of the rate of interest x) lead to lower levels of sales of houses y), which graph represents this economic relationship?

Use the figure below to answer the following questions. Figure 1A.3.10 -Refer to Figure 1A.3.10.The figure shows a relationship between two variables, x and y.The slope at point A is

A star athlete can afford a garage full of exotic cars while other people can only afford to take a city bus for transportation.This is an example of an economy facing the question.

Figure 1A.2.1 -Consider graph d) of Figure 1A.2.1.Which one of the following statements is true?

If variables x and y move up and down together, they are

-Given the data in Table 1A.4.1, holding z constant, the graph of x and y

Which of the following sayings best describes opportunity cost?

Use the information below to answer the following questions. Fact 1.4.1 Costco When Costco opened a gas bar just off Highway 401, the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre. -Refer to Fact 1.4.1.The opportunity cost of a litre of gas includes

Select the best statement about economic models.

Self- interest choices are

Sally has to decide whether to study for her economics test or her accounting test.If she chooses to study for accounting, her opportunity cost of studying accounting is

Which one of the following is an example of a factor of production?

The branch of economics that studies the performance of the national economy and the global economy is

An economic model is

Which one of the following news headlines definitely concerns the social interest?