Exam 1: The Scope and Method of Economics

Isabel noted that whenever she wore her green contact lenses, the Chicago White Sox would win that evening. Based on this observation, she developed the "green-eyes-for-White-Sox" theory of winning. It is most likely true that Isabel

Resources are limited in both wealthy and poor societies.

Refer to the information provided in Figure 1.6 below to answer the question(s) that follow. Figure 1.6 -Refer to Figure 1.6. The slope of the line between Points A and B is

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

Dividing the change in quantity on the Y-axis by the change in quantity on the X-axis calculates the slope of a line.

Refer to the information provided in Figure 1.1 below to answer the question(s) that follow. Figure 1.1 -Refer to Figure 1.1. The relationship between the daily temperature and the number of gallons of ice cream purchased demonstrates

A measure that can change from observation to observation is known as a(n)

Positive economics questions "What ought to be?" Normative economics predicts the consequences of alternative actions, answering the questions "What is?" or "What will be?"

Refer to the information provided in Figure 1.3 below to answer the question(s) that follow. Figure 1.3 -Refer to Figure 1.3. At Point A, what is the value of Y?

"Ceteris paribus" literally translated means, "buyer beware."

A graph illustrating how a variable changes over time is called a time-series graph.

If you observe that Kelly Clarkson won American Idol 3 years before Carrie Underwood won, and you conclude that Kelly Clarkson winning caused Carrie Underwood to win 3 years later, you would be guilty of an error called the

The statement "people should pollute as little as possible" is an example of a

Which of the following statements is correct?

Related to the Economics in Practice on p. 10: Prior to joining the glee club, Anjelica spent most of her free time studying in the library. Once she joined the glee club, Anjelica spent her free time hanging out in karaoke bars with other glee club members. This change in behavior is best described by

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. If a 45-degree line were also graphed, it would ________ the line shown on the graph.

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. The slope of the line between Points D and B is

Opportunity costs are another name for marginal costs.

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 B shows a curve which has a slope that 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. The slope of the line is