Exam 1: Getting Started

Proponents of cuts in income tax rates argue that when income tax rates are cut, workers have an incentive to increase their work hours. This argument is based on the assumption that

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

Which of the following statements is a positive statement?

Which of the following statements is a normative statement?

Which of the following is a microeconomic issue?

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

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition of

Economics is best defined as the social science that studies

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

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

To help unscramble cause and effect, economists

-In the above figure, as the y variable increases,

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?

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

Which of the following is a microeconomic topic?

The benefit of an activity 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 B and C equals

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

Mothers Against Drunk Drivers (MADD)campaigned to increase the legal penalties of drunk driving. This successful campaign ________ of drunk driving.

-To graph a relationship that involves more than two variables, we use