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, suppose family income decreases from $400 to $300 per week.Then the graph relating the price of strawberries, measured on the y-axis and the number of boxes of strawberries purchased, measured on the x-axis will

The two big economic questions include all of the following except

Use the figure below to answer the following question. Figure 1A.3.6 -What is the slope of the line in Figure A1.3.6?

Complete the following sentence.Marginal cost is

Scarcity confronts

Which of the following would an economist classify as capital?

At all points along a straight line, slope is

Marginal benefit is the

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

Chanel has the option of purchasing one of three products: Brand A, Brand B, or Brand C.The price of each product is $10.If Chanel decides to purchase Brand A, the opportunity cost of this decision is

According to Adam Smith

Use the information below to answer the following question. Fact 1.3.2 Cost of Sochi Winter Olympics The Russian government spent $6.7 billion on Olympic facilities and $16.7 billion upgrading Sochi area infrastructure. Sponsors spent $27.6 billion on hotels and facilities hoping to turn Sochi into a year-round tourist magnet. Source: The Washington Post, February 11, 2014 -Refer to Fact 1.3.2.The opportunity cost of the Sochi Olympics was

A positive statement is

Complete the following sentence.Microeconomics is

The slope of a horizontal line is

The fact that human wants cannot be fully satisfied with available resources is called the problem of

You have the choice to go skiing during spring break, staying at the university to study, or spending the week visiting your family.If you decide to go skiing, the opportunity cost of the holiday is

Complete the following sentence.Entrepreneurship is

Use the information below to answer the following questions. Fact 1.4.1 Costco When Costco opened a gas bar just off Highway 401, the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre. -Refer to Fact 1.4.1.The opportunity cost of a litre of gas is

Which of the following would be considered a microeconomic topic?