Exam 1: What Is Economics

Suppose we are considering the relationship between two variables y and x. y is measured on the y-axis and x is measured on the x-axis, and the relationship between then is a straight line. Suppose that the slope of the line is greater than 1. This slope means that

-The relationship depicted in the above figure is

-In the above figure, the axis break in the x-axis

-In the above figure, the slope across the arc between points a and b equals

A positive relationship exists between two variables if

A curve is plotted with y measured on the vertical axis and x measured on the horizontal axis. The slope of the curve equals

Along a straight line, the value of y is always equal to the value of x. The slope of the line is

-The relationship between income and consumption illustrated in the figure above is

-In the above figure, the axis breaks are used

What do economists mean when they discuss "scarcity"?

Human resources that perform the functions of organizing, managing, and assembling the other resources are called

-The slope of the line in the above figure is

Suppose you are working four nights per week at your courses and your grade point average is 3.5. You want a higher grade and decide to study an extra night each week. Your GPA now rises to 3.8. What is your marginal benefit from studying for one additional night a week?

A diagram shows the quantity of tomatoes on the horizontal axis and the quantity of coffee on the vertical axis. The quantity of tomatoes remains constant as the quantity of coffee increases. The graph of these data is

The variable measured on the y-axis increases whenever the variable measured on the x-axis increases. As a result, the relationship between the variables will

Which of the following is a macroeconomic decision or concept?

Whenever one variable increases, another variable decreases. The two variables are

When a California farmer decides to harvest lettuce using machines instead of by migrant workers, the farmer is answering the ________ part of one of the two big economic questions.

-What does the slope of the curved line at point A shown in the above figure equal?

-Using the data in the above table, if income is on the x-axis and the amount spent on restaurant meals is on the y-axis, the slope of the straight line graph equals