Exam 1: Getting Started

Which of the following is a microeconomic topic? i.K-Mart's decision to close stores that are not making a profit. ii.Bunning's choice to hire more full-time employees because its sales increased. iii.Virgin Airlines changes its fares.

A graph that shows the value of an economic variable for different groups in a population at a given time is called a

Economics is the social science that studies

A graph of the relationship between two variables is a line that slopes down to the right.These two variables are ________ related.

A graph shows the price of a kilo of cucumbers on the vertical axis and the quantity of new cars sold by Honda on the horizontal axis.The price of a kilo of cucumbers remains constant as the quantity of new cars sold increases.The graph of these data is a

Suppose that,instead of taking this test,you could either have worked and earned income or partied and had a pleasurable time.Your opportunity cost of taking the test is the

As a shoe factory adds more workers,shoe production grows,reaches a maximum,and then shrinks.In a diagram that has the number of workers on the horizontal axis and the number of shoes on the vertical axis,the relationship between the number of workers and the number of shoes starts as ________ and then,after the maximum point,is ________.

-In the above,which figures have at least one point at which the slope equals zero?

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The relationship between the price and the quantity the florist can sell is

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases.The graph of these two variables is a

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?

When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand,it is answering the ________ question.

Which of the following is an example of a normative economic statement?

Scarcity requires that we

-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 A and B is

________ shows the values of a variable for different groups in the population at a certain point in time.

-In the diagram above,which figure(s)show(s)an inverse relationship between the variables?

Which of the following is a macroeconomic topic?

Choices that are best for the society as a whole are choices in pursuit of

A slope is measured as the