Exam 1: What Is Economics

-The figure above shows

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

-In the above figure,if there is a negative relationship between the variables x and y,which of the graphs above can be used to indicate this?

If two variables are unrelated,a scatter diagram of those variables will

A normative statement is

-In the above figure,when the interest rate is 8 percent and household income is $40,000,household consumption is

"As the price of gasoline increases,fewer people buy cars that are gas guzzlers." A graph showing this relationship would have

Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year.He decides to play football,but eight years later,though he could continue to play football at $2 million a year,he quits football to make movies for $3 million a year.His opportunity cost of playing football at graduation was ________ and eight years later the opportunity cost of making movies was ________.

-The above figure depicts a

x y 100 500 200 300 300 100 400 -100 -Using the information in the table above,what does the slope of the line between x and y equal?

When an economist talks of scarcity,the economist is referring to the

If two points on a line are x = 2,y = 5 and x = 7,y= 10,what is the slope of this line?

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases.The graph is of this relationship is a

Laura is a manager for HP.When Laura must decide whether to produce a few additional printers,she is choosing at the margin when she compares

-In the above figure,the curve's slope is

The statement that ________ is a positive statement.

-The slope of the line in the above figure is

For the Jones household it has been estimated that for every ten degrees increase in the outdoor temperature the consumption of ice tea increases by 5 glasses.What type of relationship exists between temperature change and the consumption of ice tea?

Which of the following creates an incentive to increase the amount of an activity?

The slope of a straight line increases as the numbers on the x-axis become larger.