Exam 1: The Nature of Economics

It is NOT rational to give money to a charitable organization if

The setting of penalties for drug possession at levels appropriate to the seriousness of the crime can be expressed in economic terms as attempting to ensure that

If a one unit increase in variable P results in a 10 unit increase in the value of variable Q,the slope of the line graphing their cause-and-effect relationship is

Another term for "aggregate" is

The potential rewards available to an individual because a particular activity is undertaken are known as

The horizontal axis on a graph is known as

Figure 1A-1 Slopes -In Figure 1A-1,the slope of the line passing through point B is

Macroeconomics studies economics from the standpoint of

In a model,an independent variable represents

In economic terminology,the accumulated experience,training and education of workers that increases their productivity is referred to as

In economic analysis,resources are ________ while people's wants are ________.

What does it mean when economists assume that people act "as if" they are rational.

Macroeconomists study

Marginal benefit refers to

Resources are also known as

Economists insist on referring to individuals as self-interested rather than selfish.Does that mean they assume people never behave selfishly?

Incentives are

The term ceteris paribus means

on line matchmaking services specializing in people who share very specific characteristics typically charge higher prices than do general on line dating services.One likely reason might be that

In economics,the things that people would consume if they had unlimited income,or if goods and services were available to them for free,are known as