Exam 1: Getting Started

When Delta decides to quit flying to Lithuania, it directly answers the ________ question.

To economists, scarcity means that

-In the above figure, while drawing the line showing the relationship between the price of a pound of peanuts and the quantity sold, the

Which of the following is a topic studied in macroeconomics?

-A graph shows that the number of U.S. tourists visiting a Caribbean island increases as the temperature in the northeastern United States falls. The graph shows

Pumpkins are grown in New Mexico with the aid of fertilizer. Hence, fertilizer is a partial answer to which of the three economic question?

What is the difference between positive and normative statements?

Increasing income tax rates will solve the "social security time bomb issue" is an example of

If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will

People must make choices because

The horizontal axis in a graph

Macroeconomics is the study of

The cost of a one-unit increase in an activity is called the

Microeconomics includes the study of

The additional benefit of increasing some activity by one-unit is called the

Two variables are unrelated if their graph is i.a vertical line. Ii.a 45 degree li Iii.a horizontal line.

A time-series graph displays the price of gold. The slope of the line is negative for periods when the

An incentive is

-The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts. If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2, peanut farmers are willing to sell

To make a rational choice, a person