Exam 1: Getting Started

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes. Is the relationship between advertising and the number of games sold positive, negative, or neither? Explain your answer.

The question "Should economics majors or sociology majors earn more after they graduate? " is an example of a ________ question.

The ________ of something is the gain or pleasure that it brings.

John decides to leave college early and play professional sports. Which of the following economic principles does John use? i. personal economic policies ii. marginal cost versus marginal benefit analysis iii. normative versus positive economics

Your friend is preparing for this exam and in your practice session makes the following statement: "Instead of attending microeconomics class for two hours, Kiki could have played tennis or watched a movie. Therefore, the opportunity cost of attending class is the tennis and the movie she had to give up." Is your friend's analysis correct or not? Explain your answer.

When the power company decides to use manpower to bury its lines, it directly answers the ________ question.

A graph shows the wage rate of factory workers. The slope of the line is positive for periods when the wage rate is

A positive relationship exists between two variables if

As part of its proposal to win the 2012 Olympics, London developed a carbon offset plan to reduce the Games' impact on the environment. In 2011, the organizers decided to drop this plan to reduce emissions. We can conclude that

Choices that are best for the society as a whole are choices in pursuit of

What kind of information is conveyed in a time-series graph?

Which of the following is true regarding a normative statement? i. It uses the ceteris paribus assumption. ii. It is a value judgment. iii. It accounts for opportunity costs.

A normative statement

Which of the following is an example of a normative statement?

Hours studied (per week) SAT Scores 2 900 4 1000 6 1050 8 1075 10 1090 -Jamie is preparing to take his SAT tests. The table above shows how Jamie's score depends on the number of hours a week Jamie studies a. Plot the relationship in the figure, putting the hours studied on the horizontal axis. b. Is the relationship you plotted positive or negative? c. What happens to the slope of the relationship as hours studied increase? d. Suppose Jamie can enroll in an SAT prep course and, by so doing, for every possible number of hours he studies, his score will be 100 points higher. Plot the new relationship between the number of hours studied and Jamie's SAT score in the figure. e. How many variables are involved in the figure you just completed?

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake. As a result, you

If the change in y = -4 and the change in x = 2, there is

The characteristic from which all economic problems arise is

In the above figure, which of the figures show(s)a relationships between x and y with a positive slope?

When you make the decision to spend your time attending class, which economic question are you answering?