Exam 1: What Is Economics?

-Using the above figure, the origin is at which point?

In the above figure, using the slope across an arc, the slope of the curve between points a and c is

An example of a question that might be explored in microeconomics is to determine

Which factor of production earns most income in the United States?

-In the above figure, the relationship between x and y is

In economics, the term "land" means

If the price of apples is on the vertical axis and the quantity of apples demanded is on the horizontal axis, the slope between two points on the line describing the relationship between price and quantity is

Whenever one variable increases, another variable decreases. The two variables are

Macroeconomics is the study of aggregate variables such as national production and unemployment.

The opportunity cost of any action is

An outcome is considered efficient if

If the marginal cost of an activity exceeds the marginal benefit, then

Differences in income are most directly related to which of the following economic question?

The above table gives data on two variables. If these data were graphed, their relationship would

Along a curved line, the slope at the maximum

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

Economics is the study of

"As part of the financial crisis bailout plan in 2008, the Federal Reserve should not bail out banks that made risky loans." This is an example of

A normative statement concerns

A graph cannot be used to show that two variables are unrelated.