Exam 1: What Is Economics

"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

To graph a relationship among several variables, we hold all but ________ variable(s) constant and use the ________ assumption.

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.

The study of the decisions of individual units in the economy is known as

Scarcity applies to both the rich and the poor.

-In the above, a positive relationship between price and quantity is shown in

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

Suppose you produce 10 bikes a day for a total cost of $1000. Total costs increase to $1100 when you produce 15 bikes. Finally, total costs increase to $1300 if you make 20 bikes. A graph showing the relationship between total costs and the number of bikes produced would be

In part, microeconomics is concerned with the study of

When Janet Yellen, Chair of the Federal Reserve, addresses Congress regarding the United States role in the world economy, she is discussing

"As interest rates rise, people save more money." A graph displaying this relationship would show

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 ________.

On a graph, high correlation between the variable measured along the x-axis and the variable measured along the y-axis

Economics is the study of

Fundamental economic problems basically arise from

-In the figure above, an increase in z leads to a

The study of the choices made by individuals is part of the definition of

-Using the data in the above table

The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you'd have scored 70 percent. What was the opportunity cost of your evening at the movies?

The Occupy Wall Street movement advocates