Exam 1: Getting Started

Matt pays a $50 a month membership fee at Bruno's Gym.He can exercise at the gym as many times as he wishes.If the membership fee is measured along the vertical axis and the number of times he exercises is measured along the horizontal axis,the graph between his membership fee and the number of times he exercises will

What typically happens to benefits as the amount of an activity is increased?

-What does the slope of the line shown in the above figure equal?

Microeconomics includes the study of

Because resources are scarce,economists would say that

In New York City,Mayor Michael Bloomberg has recently recommend that the city,with the help of private donors,make cash payments to poor and underprivileged parents who can certify that their children are attending school on a regular basis.The payments would start after third grade and go through high school,rising each year as dropout rates get higher and a child's forgone earning potential is higher.What economic concept does this policy represent?

A time series graph reveals whether there is a ________,which represents ________.

Canada has nationalized health care,so that everyone,regardless of their ability to pay,has some access to health care.Based on this observation,Canada has decided that "everyone,regardless of their ability to pay" is the answer to what microeconomic question?

Scarcity means that

Which of the following is a microeconomic topic?

The benefit of an activity is

Which of the following statements is true regarding scarcity?

Define marginal cost and marginal benefit.

To help unscramble cause and effect,economists

Self-interest

Which of the following is a microeconomic issue?

-What does the slope of the line shown in the above figure equal?

When the federal government decides to pay senators more than it pays soldiers,it answers the ________ question.

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

What is a positive statement? Give an example.