Exam 1: Getting Started

John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his email. What is the opportunity cost of attending the concert for John?

If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals

When two variables in a graph are related to a third, changing the third causes

You have chosen to take a trip during the mid-semester break. If you had not gone, you would either have worked at a temporary job or studied for exams. The opportunity cost of your trip is

By donating $1,000 to the Salvation Army, Caroline reduced her taxable income. To Caroline, the reduction in her taxable income is

With y measured on the vertical axis and x measured on the horizontal axis, the slope of a straight line is defined as

In the above, which figures show a relationship between the variables that is always negative?

Scarcity results from the fact that

A graph shows the wage rate of factory workers. The slope of the line is positive for periods when the wage rate is

Which of the following is a normative statement?

When a home builder decides to computerise all of his production schedule, it directly answers the ________ question.

If the change in y = -4 and the change in x = 2, there is

The graph shows a:

If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points B and C equals

Decision making on the margin involves

In the above, which figures show a relationship between the variables that is always positive?

-The figure above shows a

The primary focus of microeconomics is

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points C and D equals