Exam 1: Getting Started

Which of the following statements is a normative statement?

When Fresh Express Salads decides to mechanically pick all of its lettuce,it directly answers the ________ question.

Scarcity results from the fact that

Wichita is building a convention center and financing it with revenues raised from a city hotel tax.Local politicians assert that the convention center is essentially free for Wichita residents because out-of-town visitors are paying for it.Someone who is practicing the economic way of thinking would disagree because

-In the above figure,a negative relationship between x and y is shown in Figure

A statement that "All children should receive free health care" is an example of what kind of statement?

A graph shows that the number of U.S.tourists visiting a Caribbean island increases as the temperature in the northeastern United States falls.The graph shows

If x increases and as a result y decreases,then x and y are

Most economic graphs have two lines perpendicular to each other.Where these lines meet is called the

-In the figure above,ceteris paribus,an increase in x is associated with

-In the figure above,what can you deduce about the slope of the curve?

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

Two economists can agree that raising the minimum wage creates unemployment yet one might argue that raising the minimum wage is a good policy and the other that it is a bad policy.Why can this difference exist? Be sure to use the terms positive and normative in your answer.

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes.Is the relationship between advertising and the number of games sold positive,negative,or neither? Explain your answer.

A statement that argues that "if taxes on gasoline increase,gasoline consumption will decrease" is an example of what kind of statement?

The question "Should economics majors or sociology majors earn more after they graduate?" is an example of a ________ question.

Because human wants are insatiable and unlimited while available resources are limited,people are said to face the problem of

A graph showing the values of an economic variable for different groups in a population at a point in time is called a

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

Suppose you take a trip during spring break.To determine the benefit of taking the trip,you