Exam 1: What Is Economics?

According to Adam Smith

In part, microeconomics is concerned with the study of

A graph measures y on the vertical axis and x on the horizontal. The curve on the graph is a vertical line. From this fact we know that

-The relationship between x and y in the above figure is

When Susan makes the statement, "The government should spend less money to take care of national parks," she is

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

A store remains open from 8 a.m. to 4 p.m. each weekday. The store owner is deciding whether to stay open an extra hour each evening. The owner's marginal benefit

You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not go to work where you could have earned $750. In terms of dollars, the opportunity cost of the vacation is

Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time. Jed will complete the assignment he values the

A graph measures y on the vertical axis and x on the horizontal. The curve on the graph is a horizontal line. From this fact we know that

The income earned by the people who sell the services of the factor of production ________ is called ________.

The United States produces more services than goods.

-In the above figure, which curve shows a positive relationship between x and y?

In part, microeconomics is concerned with

-The relationship depicted in the above figure is

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

Which of the following is a normative statement?

If two points on a line are x = 2, y = 5 and x = 7, y = 10, what is the slope of this line?

Scarcity is a situation in which ________.

An economic model is