Exam 1: Introduction: What Is Economics

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics desires unrealistic assumptions.

A variable is a measure that can take on different values.

Which of the following is NOT a macroeconomic question?

An example of analysis that involves variables and how they affect one another would include the relationship of the price of smart phones to the quantity of smart phones purchased.

Economists have found that as a nation's economy grows,

Which of the following is a macroeconomic question?

Scarcity can best be defined as a situation in which

Economists use assumptions to

The study of the choices made by individual households,firms,and government is called

A small change in a relevant variable is

Adam Smith is

Recall the Application about housing prices in Cuba to answer the following question(s). -According to the Application,from 1960 until 2011,tenants who paid monthly rent for housing for 20 years to the Cuban government

Economists assume that individuals make informed decisions and act in their own self-interest.

Markets perform all of the following functions EXCEPT

A pie chart show the relationship between two variables.

Because resources are limited,

If each extra driver on the road makes every other driver's commute last one minute longer and there are 600 drivers on the road,then one extra driver costs society

Which of the following is NOT a factor of production?

Which of the following is a country whose economy shrank between 1960 and 2001?

Imagine that an upward-sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the