Exam 1: What Is Economics

Use the figure below to answer the following question. Figure 1A.2.6 -Refer to Figure 1A.2.6.Consider the values for x and y given in the following table: Which one of the graphs in Figure A1.13 represents the relationship between x and y?

Which one of the following is an example of capital?

Which one of the following is an example of land?

Use the figure below to answer the following question. Figure 1A.3.2 -Refer to Figure 1A.3.2.The slope across the arc between A and B 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 one of the following is a necessary consequence of scarcity?

When the government chooses to use resources to build a dam, those resources are no longer available to build a highway.This illustrates the concept of

Use the figure below to answer the following questions. Figure 1A.3.3 -What is the slope across the arc between B and C in Figure 1A.3.3?

Use the table below to answer the following questions. Table 1A.3.2 -Refer to Table 1A.3.2.Suppose that w is measured along the x-axis.The slope of the line relating w and u is

Which one of the following is labour?

To graph a relationship among three variables we

An economic model is tested by

Use the figure below to answer the following question. Figure 1A.5.2 -The equation of a line is y = 4 + 2x.What is the x-intercept of this line?

The scientific purpose of simplifying assumptions in an economic model is to

The expansion of international trade, borrowing and lending, and investment is

Use the figure below to answer the following questions. Figure 1A.2.1 -In Figure 1A.2.1, the value of y is 5 when x is

A university decides to change its late night bus service between the campus and student housing from a fare-based service to a free service. This statement means that the incentive to ride the bus ________ and the opportunity cost of a bus ride ________.The university's decision is a ________ decision.

Complete the following sentence.Economic models

Use the table below to answer the following questions. Table 1A.3.2 -In Table 1A.3.2, suppose that w is measured along the x-axis.The slope of the line relating w and u is

Use the figure below to answer the following questions. Figure 1A.1.5 -Refer to Figure 1A.1.5.Which graph or graphs indicates a negative relationship between x and y?