Exam 1: Getting Started

A curve with a positive but decreasing slope represents a relationship where, every time the variable measured along the horizontal axis increases by one unit, the variable measured along the vertical axis

Rational choice

-The graph shows a

Which of the following statements is the best example of the term ceteris paribus?

A graph shows the average SAT scores for males and females in 2012. The kind of graph used to show these data would be a

What is a positive statement? Give an example.

Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to buy the Mountain Dew. The opportunity cost of the Mountain Dew is

Which of the following best defines economics?

Of the three major economic questions, which of the following is the best example of a "How? " question?

The opportunity cost of a decision is measured in terms of

All economic questions and problems arise from

A slope is measured as the

A positive statement i. makes a statement about how the world operates. Ii. is a true statement. Iii. can be tested against the facts.

A linear relationship

Which of the following is true regarding this statement? "The president's decision to spend more money on national defense is smart."

Which of the following is a microeconomic issue?

-In the figure above, what is the slope of the curve at point A?

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

The opportunity cost of a one-unit increase in an activity

As a curve approaches a maximum point, the slope will