Exam 1: What Is Economics

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  -If you hire 1 worker,the worker can produce 20 pizzas a day.If you hire a 2nd worker,that worker can produce 10 more pizzas.If you hire a 3rd worker,that worker can produce 2 more pizzas a day. A graph displaying this relationship between the number of employees and total pizza output per day would show -"If you hire 1 worker,the worker can produce 20 pizzas a day.If you hire a 2nd worker,that worker can produce 10 more pizzas.If you hire a 3rd worker,that worker can produce 2 more pizzas a day." A graph displaying this relationship between the number of employees and total pizza output per day would show

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Jerry is studying three nights per week and his grade point average is 3.1.He wants a higher GPA and decides to study an extra night each week.His GPA now rises to 3.5.Had Jerry not decided to study an extra night,he would have spent this night with his friends.What is Jerry's marginal benefit from studying for one additional night a week? What is his marginal cost of increasing the study time by one night per week? Why does Jerry decide to study an extra night?

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Panasonic sends its HDTV salespeople to training sessions.This is an example of

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  -The slope of the line in the above figure is -The slope of the line in the above figure is

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Which of the following is an example of a microeconomic decision?

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Entrepreneurs do all of the following EXCEPT

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  -The slope of the line in the above figure is -The slope of the line in the above figure is

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A cost due to an increase in activity is called

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A benefit from an increase in activity is called the

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Macroeconomics differs from microeconomics in that

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If the change in the y-axis variable is 4 and the change in the x-axis variable is 2,the slope of this line is 1/2.

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  -If a graph shows a negative relationship between two variables which then becomes a positive relationship,this curve would -If a graph shows a negative relationship between two variables which then becomes a positive relationship,this curve would

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Ceteris paribus when graphing a relationship refers to

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  -In the above figure,tax revenue is at a maximum when the tax rate is -In the above figure,tax revenue is at a maximum when the tax rate is

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Scarcity is a situation in which

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  -If you study 3 hours for an exam,you can raise your score by 30 points.If you study for another 3 hours your score increases by 10 points.And if you study for another 3 hours,your score will increase by 5 more points.A graph displaying this relationship between the number of hours studied and your total exam score would show -If you study 3 hours for an exam,you can raise your score by 30 points.If you study for another 3 hours your score increases by 10 points.And if you study for another 3 hours,your score will increase by 5 more points.A graph displaying this relationship between the number of hours studied and your total exam score would show

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x y 100 500 200 300 300 100 400 -100 -Based on the information in the table above,what is the relationship between x and y?

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China's population is over 1.5 billion,while the population of the United States is about 300 million.This fact means that China has much more human capital than the U.S.does.True or false? Explain your answer.

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Which of the following is a normative statement?

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  -In which of the following cases is the slope of a line positive? -In which of the following cases is the slope of a line positive?

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