Exam 1: What Is Economics?

In the table above, Y is measured along the y-axis and X along the x-axis. The slope between points e and f is

When a country decides to produce fewer bombers and more public housing projects, it is answering the ________ part of one of the two big economic questions.

When y changes, x stays the same. The line depicting this relationship would be

-Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis, the graph would show

-Using the data in the above table, if income is on the x-axis and the amount spent on restaurant meals is on the y-axis, the graph of the two variables would be

All economic questions are about

Along a curve, when one variable increases, the other variable decreases. The curve showing this relationship

In the above figure, the slope across the arc between points a and b equals

If the x-axis variable increases while the y-axis variable decreases, the variables x and y are negatively related.

In the above figure, if the interest rate is negatively related to household expenditures for any given level of household income, an increase in the interest rate will

In the above figure, a negative relationship between price and quantity is shown in

Fundamental economic problems basically arise from

When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions.

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is

According to economists

Today, Julie attended her 12:30 Economics class. If she hadn't gone to class, Julie would have gone out to lunch with friends. She had other options; she could have worked or slept in. Julie's opportunity cost of going to class is the

Assume that the quantity consumed of pizza is dependent on three factors: the price of a pizza, the income of pizza purchasers, and consumers' taste for pizza. When graphing the relationship between the price of a pizza and the quantity of pizza consumed

"The rich should pay higher income tax rates than the poor" is an example of a

Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement.

A graph shows that as fees to use ATM machines increase, people use them less frequently. The graph of this relationship would show