Exam 1: The Scope and Method of Economics

The mistake of inferring causality from two events happening one after the other is called

Refer to the information provided in Figure 1.7 below to answer the questions that follow. Figure 1.7 -Refer to Figure 1.7. At Point A, what is the value of Y?

Ceteris paribus literally translated means, "buyer beware."

Refer to the information provided in Figure 1.4 below to answer the questions that follow. Figure 1.4 -Refer to Figure 1.4. At Point E in Panel A, the slope is

A formal statement of a theory is known as a(n)

The principle that irrelevant detail should not be included in a model is known as

As the variable on the Y-axis falls the variable on the X-axis falls. The relationship between X and Y is said to be positive.

Refer to the information provided in Figure 1.1 below to answer the questions that follow. Figure 1.1 -Refer to Figure 1.1. There is ________ relationship between the daily temperature and the number of gallons of ice cream purchased.

The reasons to study economics include which of the following?

The rise of the modern factory system in England during the late eighteenth and early nineteenth centuries is known as the

Refer to the information provided in Figure 1.4 below to answer the questions that follow. Figure 1.4 -Refer to Figure 1.4. Which of the Panels shows a curve or line that has a slope that is negative and then positive?

That which we forgo, or give up, when we make a choice or decision is called

Redistribution of income from the rich to the poor is achieved from a tax system that requires taxes to rise with income. Which of the following criteria best explains the goal of this tax system?

Refer to the information provided in Figure 1.7 below to answer the questions that follow. Figure 1.7 -If the slope of a straight line is 6 and if Y (the variable on the vertical axis) decreases by 60, then X (the variable on the horizontal axis)

You have noticed that there is an increase in the number of homeless people in your city. At the same time you observe that there are also a number of vacant apartments. You believe that the government could reduce the number of homeless people if landlords were required to rent their apartments for less than they are currently charging. This policy recommendation would be motivated by concerns over

Debbie observes that leaves fall from trees before the fist day of winter, and concludes that the falling leaves cause winter to begin. This is an example of

Economics is the study of

The collection and use of data to test economic theories is called empirical economics.

The statement "the unemployment rate is 5.1%" is an example of a

The amount of exercise that one gets is an important factor in the determination of his general state of health. This is best described as