Exam 1: Introduction: What Is Economics

The example about London's congestion problem illustrates which of the following economic ways of thinking?

Government policies concerning the money supply and the control of inflation are topics of concern in microeconomics.

One example of a microeconomic question is,"How will prices in the streaming video industry change if a new firm enters the market?"

Explain three ways we can use macroeconomic analysis.

Figure 1.1 -Refer to Figure 1.1.If income at zero hours worked increases in Figure 1.1,then the relationship

The recent experience of sub-Saharan Africa has taught economists that institutions such as the legal system and the regulatory environment play a key role in economic growth.

A straight line graph shows

Figure 1.1 -Refer to Figure 1.1.If hours worked are zero in Figure 1.1,then income is

The economic view of traffic congestion considers that

When Bob,a recent college grad,took an internship at an accounting firm,he is accumulating which factor of production?

We can use microeconomic analysis to

Figure 1.1 -Refer to Figure 1.1.The slope of the relationship,or the wage rate,shown in Figure 1.1 is

________ is a simplified representation of an economic environment.

When we study the effect of how a beer tax may decrease the number of highway deaths,we use microeconomics to

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.From the graph,we can conclude that

Which of the following is NOT a key economic question?

Which of the following is NOT a market?

Normative economic analysis

We do NOT use microeconomic analysis

Macroeconomics helps explain economic fluctuations,why the economy shrinks and expands,and why some of the economy's resources are idle.