Exam 1: The Nature of Economics

A poll conducted by a national firm finds that most Americans say they care more about safety when buying a car than about fuel efficiency. As a result, a car maker produces a car with many safety features, but it doesn't sell well. This behavior

If a teacher tells a student that those who attend the study session typically score higher on the final exam,

Which of the following is NOT one of the basic questions that an economic system attempts to answer?

The United States is best known as a

An economic theory is also known as an economic

If people act as if they systematically pursue their own self-interest, then they will most likely

If a straight line crosses the Y-axis at 5 and crosses the X-axis at 10, we can conclude that the slope of the line is

________ are the things that are used to produce items that satisfy people's wants.

Which of the following would most likely be part of the study of microeconomics?

The primary objective of economics is

"Economists assume people are selfish." Do you agree with this statement or not? Explain.

What assumption about human motivation is made in economics? Explain.

"Ceteris paribus" means

The slope of a nonlinear curve

The term ceteris paribus is an economic assumption that means

Which of the following is TRUE of incentives?

Which of the following is a TRUE statement about the economic assumption of rationality?

Economic models are

Which of the following statements is a positive economic statement?

Positive economic analysis is said to be