\[\begin{array} { | c | c | } \hline \begin{array} { c } \text { Income } \\ \text { (dollars per } \\ \text { month) } \end{array} & \begin{array} { c } \text { Amount spent on } \\ \text { restaurant meals } \\ \text { (dollars per month) } \end{array} \\ \hline 50 & 20 \\ \hline 100 & 40 \\ \hline 150 & 60 \\ \hline 200 & 80 \\ \hline \end{array}\] -Using the data in the above table,if income is on the x-axis and the amount spent on restaurant meals is on the y-axis,the graph of the two variables would be

A) upward sloping. B) downward sloping. C) vertical. D) horizontal. A) upward sloping. B) downward sloping. C) vertical. D) horizontal.

\[\begin{array} { | c | c | } \hline \begin{array} { c } \text { Total number } \\ \text { of workers } \end{array} & \begin{array} { c } \text { Average cost } \\ \text { of producing a } \\ \text { television set } \\ \text { (dollars) } \end{array} \\ \hline 4 & 125 \\ \hline 10 & 75 \\ \hline 13 & 77 \\ \hline 15 & 85 \\ \hline \end{array}\] -Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis,the graph would show

A) first a negative and then a positive relationship. B) a horizontal line. C) no relationship. D) a linear relationship. A) first a negative and then a positive relationship. B) a horizontal line. C) no relationship. D) a linear relationship.

\[\begin{array} { | c | c | } \hline x & y \\ \hline 10 & 50 \\ \hline 9 & 70 \\ \hline 8 & 100 \\ \hline 7 & 130 \\ \hline 6 & 170 \\ \hline 5 & 220 \\ \hline \end{array}\] -In the table above,y is measured along the y-axis and x along the x-axis.What is the value of the slope between the x = 8 and x = 6?

A) -0.057 B) -19.28 C) -35 D) 70 A) -0.057 B) -19.28 C) -35 D) 70

Exam 1: What Is Economics

Your student association is looking for an auditorium to rent for an all-day conference.The university's Performing Arts Center is vacant on that day,so the association wants to rent it.The physical plant manager tells you that the daily rent is $660,which includes $400 to cover part of the cost paid to build the Center,$40 to cover part of its regular maintenance cost,$50 to help pay for the building's insurance,$100 to cover the extra cost of electricity that the university would incur because of the conference,and $70 to pay for additional janitorial services for the conference.You know that no one else wants to rent the Center on that day and you think that the price that the manager charges is too high.But how much should you pay? Use the economic way of thinking to answer this question and to convince the manager to accept your offer: a) If you rent the Center,what will be the university's marginal cost of renting the center to you? b) If you rent the Center,what will be the university's marginal benefit of renting the center to you? c) What amount of rent should you offer? Convince the manager to accept your offer.

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Question 461

Katie's income (dollars per year) Katie's purchases (books per year) 50,000 14 70,000 16 90,000 18 110,000 20 $\begin{array} { | c | c | } \hline \begin{array} { c } \text { Katie's income } \\ \text { (dollars per year) } \end{array} & \begin{array} { c } \text { Katie's purchases } \\ \text { (books per year) } \end{array} \\ \hline 50,000 & 14 \\ \hline 70,000 & 16 \\ \hline 90,000 & 18 \\ \hline 110,000 & 20 \\ \hline \end{array} -The table above shows how the number of books Katie buys each year depends on her income. a) What kind of relationship exists between Katie's income and the number of books she purchases? b) Plot the relationship between Katie's income and the number of books she purchases in the above figure.Measure income along the vertical axis and the number of books along the horizontal axis.Be sure to label the axes. c) What is the slope of the relationship between $50,000 and $70,000 of income? d) What is the slope of the relationship between $90,000 and $110,000 of income? e) Comment on the similarity or dissimilarity of your answers to parts (c) and (d).$ -The table above shows how the number of books Katie buys each year depends on her income. a) What kind of relationship exists between Katie's income and the number of books she purchases? b) Plot the relationship between Katie's income and the number of books she purchases in the above figure.Measure income along the vertical axis and the number of books along the horizontal axis.Be sure to label the axes. c) What is the slope of the relationship between $50,000 and $70,000 of income? d) What is the slope of the relationship between $90,000 and $110,000 of income? e) Comment on the similarity or dissimilarity of your answers to parts (c) and (d).

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Question 462

-In the above,which figure shows a line with a slope of 1.0?

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Question 463

Income (dollars per month) Amount spent on restaurant meals (dollars per month) 50 20 100 40 150 60 200 80 -Using the data in the above table,if income is on the x-axis and the amount spent on restaurant meals is on the y-axis,the graph of the two variables would be

(Multiple Choice)

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Question 464

Total number of workers Average cost of producing a television set (dollars) 4 125 10 75 13 77 15 85 -Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis,the graph would show

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Question 465

"The difference between positive and normative statements is that a positive statement is always true while a normative statement might or might not be true." True or false? Explain.

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Question 466

-The slope of the line in the above figure is

(Multiple Choice)

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Question 467

-If two variables are positively related,then

(Multiple Choice)

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Question 468

Which of the following is correct? Factors of production are

(Multiple Choice)

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Question 469

A diagram shows the quantity of tomatoes on the horizontal axis and the quantity of coffee on the vertical axis.The quantity of tomatoes remains constant as the quantity of coffee increases.The graph of these data is

(Multiple Choice)

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Question 470

Economics is best defined as the science of choice and how people cope with

(Multiple Choice)

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Question 471

Economists point out that scarcity confronts

(Multiple Choice)

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Question 472

Opportunity cost is defined as the

(Multiple Choice)

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Question 473

The vertical axis in a graph

(Multiple Choice)

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Question 474

The problem of "scarcity" applies

(Multiple Choice)

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Question 475

Macroeconomics is concerned with

(Multiple Choice)

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Question 476

x y 10 50 9 70 8 100 7 130 6 170 5 220 -In the table above,y is measured along the y-axis and x along the x-axis.What is the value of the slope between the x = 8 and x = 6?

(Multiple Choice)

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Question 477

The term "direct relationship" means the same as

(Multiple Choice)

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Question 478

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

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Question 479

Showing 461 - 479 of 479

-In the above,which figure shows a line with a slope of 1.0?

Income (dollars per month) Amount spent on restaurant meals (dollars per month) 50 20 100 40 150 60 200 80 -Using the data in the above table,if income is on the x-axis and the amount spent on restaurant meals is on the y-axis,the graph of the two variables would be

Total number of workers Average cost of producing a television set (dollars) 4 125 10 75 13 77 15 85 -Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis,the graph would show

"The difference between positive and normative statements is that a positive statement is always true while a normative statement might or might not be true." True or false? Explain.

-The slope of the line in the above figure is

-If two variables are positively related,then

Which of the following is correct? Factors of production are

A diagram shows the quantity of tomatoes on the horizontal axis and the quantity of coffee on the vertical axis.The quantity of tomatoes remains constant as the quantity of coffee increases.The graph of these data is

Economics is best defined as the science of choice and how people cope with

Economists point out that scarcity confronts

Opportunity cost is defined as the

The vertical axis in a graph

The problem of "scarcity" applies

Macroeconomics is concerned with

x y 10 50 9 70 8 100 7 130 6 170 5 220 -In the table above,y is measured along the y-axis and x along the x-axis.What is the value of the slope between the x = 8 and x = 6?

The term "direct relationship" means the same as

The Economic Problem

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