Exam 1: What Is Economics

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

-"As you devote more hours to studying,your GPA increases." A graph of this relationship would show

"When OPEC increases the supply of oil to the market,the price of gasoline falls." This is an example of

On a graph showing the relationship between x and y,the ceteris paribus condition implies that

Which of the following is a macroeconomic decision or concept?

What is the difference between positive and normative statements?

The United States produces more services than goods.

Explain what entrepreneurship is and why it is considered a factor of production.

Which of the following is a macroeconomic issue?

In economics,the term "land" means

When firms in an economy start producing more computers and fewer televisions,they are answering the ________ part of one of the two big economic questions.

-What does the slope of the line shown in the above figure equal?

-The relationship between income and consumption illustrated in the figure above is

If Taco Bell decides to produce more tacos and fewer burritos,Taco Bell is answering the ________ part of one of the two big economic questions.

As an economic concept,scarcity applies to

When a textile company keeps track of its inventory using a computer and its competitor uses a pad of paper and a pencil,they are both answering the ________ part of one of the two big economic questions.

The economic resource that organizes the use of other economic resources is called

Marginal cost is the

Suppose that you are spending two hours a day studying economics,and your grade is 85 percent.You want a higher grade and decide to study for an extra hour a day.As a result,your grade rises to 90 percent.Your marginal benefit is the

The relationship in the above figure suggests that when the interest rate is 5 percent,