Exam 1: Introducing the Economic Way of Thinking

Exhibit 1A-4 Straight line -In Exhibit 1A-4, as X increases along the horizontal axis, corresponding to points A-D on the line, the Y value remains unchanged at 40 units. The relationship between the X and Y variables is:

Microeconomics is concerned with:

The statement, "Violent crime has decreased in the last five years," is:

Exhibit 1A-6 Straight line -In Exhibit 1A-6, as X increases along the horizontal axis, corresponding to points A-D on the line, the Y values remain unchanged at 20 units. The relationship between the X and Y variables is:

Labor resources:

When economists want to hold a number of factors constant, they are demonstrating which of the following expressions?

A model (or theory):

The sub-discipline of economics that focuses especially on individual markets is:

Which of the following illustrates the concept of scarcity?

All human wants cannot be satisfied because of the problem of scarcity.

An upward-sloping line or curve is used to illustrate:

An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the professor should take which steps?

When economists say goods are scarce, they mean:

The three basic categories of resources are land, labor, and:

When an independent relationship is graphed, the resulting line or curve is: ​

Microeconomics approaches the study of economics from the viewpoint of:

Exhibit 1A-7 Straight line relationship -What is the slope of the line shown in Exhibit 1A-7?

A straight line or curve can shift when a factor not included on the vertical axis or horizontal axis changes.

The term Ceteris paribus means that:

Which of the following markets is closely related to macroeconomics?