Exam 1: Limits, Alternatives, and Choices

If you knew that the vertical intercept for a straight line was 150 and that the slope of the line was 4, then the dependent variable would be 250 when the value of the independent variable is:

Which of the following is considered to be an entrepreneur?

In a relationship between two variables, the "independent variable" refers to the:

Which of the following is a normative economic statement?

Because of increasing opportunity costs, the production possibility curve:

The comment that "taxes must be reduced for the good of the economy" is an example of a normative economic statement.

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities: Given the production possibilities schedule above, a combination of 3 tanks and 350 autos:

The following graph is the production possibilities curve of a nation: Refer to the above graph. The combination "5 drill presses and 2 bread" indicates:

The linear equation for line (1) on the above graph is:

Mia wants to buy a book. The economic perspective suggests that Mia will buy the book if:

The economic perspective focuses largely on marginal analysis, which means analyzing:

Economic analysis assumes "purposeful behavior", which means that people will pursue decisions or actions:

If you knew that the intercept for a straight line was 12, and that if the value of the independent variable was 3 the value of the dependent variable would be 18, then the slope of the line would be:

Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants.

If economic resources are perfectly interchangeable between the two products shown on a production possibilities graph:

The slope of a graph with "income" on the horizontal axis and "saving" on the horizontal axis is +0.2. This means that if: (BOTH SAY HORIZONTAL)

When a nation is under-allocating resources to the production of a good, then the:

Which question is an example of a microeconomic question?

What is a major opportunity cost of going to college on a full-time basis?

Which point or output-combination in the above graph could the nation produce only if it experienced economic growth?