Exam 1: Introducing the Economic Way of Thinking

Macroeconomics is the branch of economics that studies economic aggregates for the economy as a whole.

The person who assumes the risks and uncertainties of starting a new business is considered to be:

Which of the following is the factors of production?

Microeconomics is the branch of economics in which you study inflation and unemployment in the economy.

The silly clothes worn by a circus clown are an example of:

A positive economic statement simply describes what is.

The central question in economics is how to:

Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:

Which of the following statements is correct?

Exhibit 1A-9 Multi-curve graph -Exhibit 1A-9 represents a three-variable relationship. As the annual income of consumers falls from $50,000 (line A) to $30,000 (line B), the result is a:

Exhibit 1A-6 Straight line -Straight line A-D in Exhibit 1A-6 shows that:

Exhibit 1A-4 Straight line -Straight line A-D in Exhibit 1A-4 shows that:

If individuals who sit in the back of the classroom receive lower grades on average than the rest of the class, does that mean that sitting in the back of a classroom causes one to perform poorly on exams?

Exhibit 1A-3 Straight line -Straight line AB in Exhibit 1A-3 shows that:

Which of the following is a microeconomics topic?

An economics textbook is an example of:

Which of the following pairs is the most likely to exhibit an inverse relationship?

Which of the following is the best definition of economics?

Microeconomics deals with the analysis of all the following questions except how:

Which of the following is true about renewable resources? ​