Exam 1: The Scope and Method of Economics

Marginalism is

Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker. Once you arrived at the festival, you discovered that parking costs you an additional $15. In this situation, the additional $15 you pay for parking is an example of

You own Star Wars - The Last Jedi on DVD. The opportunity cost of watching this DVD for the fourth time

Macroeconomics is best described as the study of

Refer to Scenario 1.2 below to answer the question(s) that follow. SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures. -Refer to Scenario 1.2. The statement that an increase in automobile emissions causes an increase in global warming is an example of

Related to the Economics in Practice on page 3: According to the Economics in Practice, due to the opportunity cost differential, one would expect ________ children at school when the rains have been plentiful in rural India, and ________ children at school when rural India is suffering from a drought.

You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time

Studying economics helps us to better understand society.

An efficient economy is an economy

The Latin phrase economists use that means all else equal is

Refer to the information provided in Figure 1.4 below to answer the question(s) that follow. Figure 1.4 -Refer to Figure 1.4. Panel A shows a curve which has a slope that is

The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries.

If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $7,500 this semester (same as if not attending college), then your opportunity cost of attending college this semester is

Refer to the information provided in Figure 1.5 below to answer the question(s) that follow. Figure 1.5 -If the slope of a straight line is -2. and if X (the variable on the horizontal axis) decreases by 8, then Y (the variable on the vertical axis) will

The slope of a horizontal line is

Refer to the information provided in Figure 1.7 below to answer the question(s) that follow. Figure 1.7 -Refer to Figure 1.7. At Point A the slope of the line is 0.67, so at Point C the slope would be

Refer to the information provided in Figure 1.2 below to answer the question(s) that follow. Figure 1.2 -Refer to Figure 1.2. The slope of the line between Points A and B is

Refer to the information provided in Figure 1.2 below to answer the question(s) that follow. Figure 1.2 -If the slope of a straight line is -3. and if Y (the variable on the vertical axis) decreases by 6, then X (the variable on the horizontal axis) will

A government policy that tries to minimize inflation and unemployment can best be described as trying to achieve economic

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?