Exam 1: What Is Economics

The United States produces more services than goods.

-In the above figure, the curve has a slope that is

Which of the following is a positive statement?

Mark Zuckerberg believes everyone in the world should have Internet access.

The fact that wants cannot be fully satisfied with available resources reflects the definition of

The opportunity cost of any action is

-In the figure above, the value on the y-axis decreases as we move from

If a curve falls and then rises, it shows

When the government chooses to spend the tax dollars that it collects on homeland security, its choice

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases. The graph is of this relationship is a

Ceteris paribus when graphing a relationship refers to

-The slope of the line shown in the above figure is

The statement "Unemployment should be below 6 percent" is

-The above figure shows the relationship between the Joneses' total consumption and total household income. The figure illustrates that the Joneses' total consumption varies

-The slope of the line shown in the above figure is

-In the above figure, while drawing the line showing the relationship between the price of a pound of peanuts and the quantity sold, the

-In the above figure, using the slope across an arc, the slope of the curve between points b and c is

Dell Computers decides to produce PCs and sell them directly over the Internet and via Best Buy. This is an example of

Jill, an economics student, has already spent 5 hours cleaning her room. In deciding whether or not to continue cleaning for another hour, she applies the economic principle of

-The figure above shows ________ relationship between the two variables.