Exam 1: What Is Economics

Use the table below to answer the following questions. Table 1A.4.2 -Given the data in Table 1A.4.2, holding income constant, the graph relating the price of strawberries, measured on the y-axis and the purchases of strawberries, measured on the x-axis

Sally has to decide whether to study for her economics test or her accounting test. If she chooses to study for accounting, her opportunity cost of studying accounting is

Use the figure below to answer the following question. Figure 1A.3.11 -Refer to Figure 1A.3.11. The graph shows a ________ relationship. The absolute value of the slope of the relationship ________ as the value of x increases.

Which of the following is a microeconomic topic?

Use the figure below to answer the following question. Figure 1A.3.7 -The slope of the line in Figure 1A.3.7 is

"The rich face higher income tax rates than the poor, which is not good since it is the rich who provide jobs for the poor." This is an example of

To disentangle cause and effect, economists use economic models and use ________ to test the predictions of those models.

Use the figure below to answer the following questions. Figure 1A.2.4 -Which curve or curves in Figure 1A.2.4 shows a positive relationship between unemployment and inflation?

Use the figure below to answer the following question. Figure 1A.2.2 -In Figure 1A.2.2, the variables x and y

Complete the following sentence. Macroeconomics

Which factor of production includes the "gifts of nature"?

Statements about "what ought to be" are called

Which of the following would be considered a microeconomic topic?

Use the figure below to answer the following questions. Figure 1A.3.4 -In Figure 1A.3.4, the slope across arc BC is

Which of the following would an economist classify as capital?

Use the information below to answer the following question. Fact 1.3.1 Costs Soar for London Olympics The regeneration of East London, the site of the 2012 Olympic Games, is set to add extra £1.5 billion to taxpayers' bill. Source: The Times, London, July 6, 2006 -Refer to Fact 1.3.1. The cost of regenerating East London ________ an opportunity cost of hosting the 2012 Olympic Games ________.

Use the table below to answer the following questions. Table 1A.4.1 -Given the data in Table 1A.4.1, holding z constant, the graph of x and y

Use the figure below to answer the following question. Figure 1A.4.4 -Complete the following sentence. In Figure 1A.4.4, z is

The slope of a horizontal line is

"There can be too much of a good thing." This statement suggests that