Exam 1: What Is Economics

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes. Is the relationship between advertising and the number of games sold positive, negative, or neither? Explain your answer.

-In the above, which figure shows a linear relationship?

What does the slope of a straight line equal? How is the slope of a curved line calculated at a point on the curve?

If the change in the y-axis variable is 4 and the change in the x-axis variable is 2, the slope of this line is 1/2.

You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not go to work where you could have earned $750. In terms of dollars, the opportunity cost of the vacation is

-Given the information in the above table, the relationship between x and y is

-In the above table, when x increases from 4 units to 6 units, y changes by ________ units.

-In the above figure, the relationship between x and y is

In economics, the term "capital" refers to

In New State, the bottling law requires that people get a refund of five cents when they return an empty bottle or can. Why does the state pay people to return bottles? In your answer, be sure to mention the role played by incentives.

The statement "The unemployment rate for teens is higher than that for adults" is

-If two points on a line are x = 2, y = 5 and x = 7, y = 10, what is the slope of this line?

In economics we learn that

Opportunity cost is defined as the

What are the two different types of relationships that variables can have? Explain each. What do these relationships look like when they are graphed?

"As you devote more hours to studying, your GPA increases." A graph of this relationship would show

-The slope of the line in the above figure is

From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony. Then the opportunity cost of attending the hockey match is

Suppose that for a curve, as the variable measured on the x-axis increases, the variable measured on the y-axis decreases. The curve has a ________ slope.

People must make choices because