Exam 1: What Economics Is About

In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of

A good provides __________ and a bad provides __________.

In the textbook, economics is defined as the "science of scarcity."

The condition in an economy that makes a "rationing device" a necessity is:

The slope of a straight line is always equal to either 1.0 or -1.0.

Which of the following is not one of the four broad categories of resources?

In the textbook, economics is defined as the science of

The primary reason why people cannot have everything they want is because

The author of the textbook defines economics as the

In most societies, dollar price acts as the main rationing device. If dollar price weren't the main rationing device, would there still be a need for some rationing device to take its place?

Scarcity is defined as the condition in which

The coordinates of point A are 30 units of X and 70 units of Y. The coordinates of point B are 28 units of X and 76 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line between points A and B is

The answer is, "This is principally used to exhibit changes in data over time." The question is,

Several years ago, a bookstore chain extended its closing time from 9 p.m. to 10 p.m. Now it is considering a further extension to 11 p.m. In making this marginal decision, the results of having gone from 9 p.m. to 10 p.m. are

Opportunity cost is the __________ alternative forfeited when a choice is made.

A characteristic of a 45-degree line is that

Exhibit 1-3 ​ -Refer to Exhibit 1-3. Based on the data provided in this table, what type of relationship exists between variables X and Y?

The __________ the opportunity cost of doing something, the __________ likely a person will do that something.

Harry is trying to take one more class this semester. He is weighing the marginal benefit of taking one more class to the marginal cost of taking one more class. Which economic concept is most closely related to Harry's decision-making process?

In all cases, microeconomics deals with