Exam 1: What Is Economics?

On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is

When graphed, variables that are unrelated are shown by either a horizontal or a vertical line.

Which of the following statements are CORRECT? I.The "highest-valued alternative given up to get something" is the opportunity cost. II.Wealthy economies don't experience opportunity costs. III.Scarcity creates opportunity costs.

The formula for the slope across an arc is used to approximate the slope for

-The slope of the line in the above figure is

Which of the following best defines capital as a factor of production?

-In the above figure, the axis breaks are used

Which of the following is a macroeconomic decision or concept?

The vertical axis of a graph shows only positive values.

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

Suppose that the government of New York state promises to decrease taxes to a firm if it decides to stay in New York instead of moving to another state. This policy on the part of the state constitutes ________, to make the ________ of the firm remaining in New York.

Along a straight line, the value of y is always equal to the value of x. The slope of the line is

-In the above figure, the slope across the arc between a and b is

The statement "Unemployment should be below 6 percent" is

You have the choice of going to Hawaii for a week, staying at work for the week, or spending the week skiing. If you decide to go to Hawaii, the opportunity cost is

A natural resource, such as fishing territories, is considered an example of

-In the above figure, the slope across the arc between c and d is

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

Using the information in the table above, what does the slope of the line between x and y equal?

When the government chooses to spend the tax dollars that it collects on homeland security, its choice