Exam 1: Economic Models

If the production possibilities frontier can be expressed as $4 X ^ { 2 } + Y ^ { 2 } = 16$ then the point $X = \sqrt { 3 }$ ; $Y = 2$ is.

The slope of the production possibility frontier shows

For the equation $Y = \sqrt { X \cdot Z }$ the point $X = 20$ , $z = 5$ .

Economists typically use ____ analysis,whereas clergy members typically use ____ analysis.

Suppose you can write generic supply and demand curves such that $\mathrm { Q } _ { \mathrm { S } } = \mathrm { A } + \mathrm { BP }$ and $Q _ { D } = D + C P$ .In the usual supply-demand configuration,D must be.

Let $\mathrm { Q } _ { \mathrm { D } } = - 5 \mathrm { P } + 54$ and $\mathrm { Q } _ { \mathrm { S } } = \mathrm { P } - 6$ .Here equilibrium price and quantity are

For the equation $Y = X ^ { 2 } + Z ^ { 2 }$ ,which of the following points lie on the $Y = 25$ contour line?

Suppose you can write generic supply and demand curves such that $\mathrm { Q } _ { \mathrm { S } } = \mathrm { A } + \mathrm { BP }$ and $Q _ { D } = D + C P$ .If consumers demand less as price rises,C must be.

Graphically,the solution to a system of two independent linear equations is usually

The Ricardian notion that of diminishing returns implies that

Suppose $Q _ { D } = - 5 P + 44$ and $Q _ { s } = P - 4$ .The equilibrium price is.

The problem of scarcity

Suppose $T = .02 I ^ { \alpha }$ .If taxes are regressive which of the following is true?

Suppose you can write generic supply and demand curves such that $\mathrm { Q } _ { \mathrm { S } } = \mathrm { A } + \mathrm { BP }$ and $Q _ { D } = D + C P$ .Equilibrium price is given bY.

Positive economic analysis

If the Y-intercept of a linear function increases while the slope remains unchanged

If society is producing a combination of goods on its production possibilities frontier

Given $Y = f ( X , Z )$ which of the following are necessarily true?

In the equation $Y = 13 x + 38$ where Y is a function of X

The Y-intercept of $Y = 3 X + 8$ is