Exam 1: What Is Economics

-In the above figure, the slope at point b

-The relationship depicted in the above figure is

Economic models

"OPEC should supply more oil so that the world's economies can grow more rapidly." This is an example of

Scarcity requires that people must

The 2010 Patient Protection and Affordable Care Act (Obamacare) contains a provision that may require individuals to either purchase private health insurance or pay a tax. This is an example of

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

-Which of the following CORRECTLY describes the above figure?

Which of the following is a macroeconomic decision or concept?

Which of the following statements are CORRECT? I. The "highest-valued alternative given up to get something" is the opportunity cost. II) Wealthy economies don't experience opportunity costs. III) Scarcity creates opportunity costs.

Which of the following is a positive statement?

Which factor of production earns profit?

Economics is best defined as

Explain whether the statement, "Hillary Clinton was elected President of the United States in 2012," is a normative or positive statement.

Explain why both rich and poor people experience scarcity.

-In the figure above, point B is

-In the figure above, an increase in z leads to a

-The slope of the line in the above figure is

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

If two variables are positively related, then