Exam 1: Limits, Alternatives, and Choices

Given: the intercept for a straight line is 12. If the value of the independent variable is 3, then the value of the dependent variable would be 18. The slope of this line is

The slope of a budget line reflects the

Which of the following is a land resource?

Which of the following is not a main function of the entrepreneur?

A reduction in the unemployment rate will cause the nation's production possibilities curve to shift outward.

Assume a household would consume $100 worth of goods and services per week if its weekly income were zero and would spend an additional $80 per week for each $100 of additional income. Letting C represent consumption and Y represent income, the equation that summarizes this relationship is

Another way of saying "ceteris paribus" is

(Consider This) A direct cost of going to college is

Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants.

Answer the question on the basis of the following production possibilities tables for two countries, North Cantina and South Cantina. Refer to the tables. If North Cantina is producing at production alternative B, the opportunity cost of the eleventh unit of consumer goods will be

Answer the question on the basis of the following five data sets, wherein it is assumed that the variable shown on the left is the independent variable and the one on the right is the dependent variable. Assume in graphing these data that the independent variable is shown on the horizontal axis and the dependent variable on the vertical axis. Refer to the data sets. The equation for data set 5 is

Which of the following is associated with macroeconomics?

Suppose an economist says that "other things equal, the lower the price of bananas, the greater the amount of bananas purchased." This statement indicates that

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule. Given the production possibilities schedule above, a combination of 3 tanks and 350 autos

If we are considering the relationship between two variables and release one of the other-things-equal assumptions, we would expect

An economic model is an ideal or utopian type of economy that society should strive to obtain through economic policy.

Slopes of lines are especially important in economics because

Consider an economy that is producing inside its production possibilities curve. This economy could move closer toward its production possibilities curve by

Which of the following statements is an explanation for the law of increasing opportunity costs?

If economic theories are solidly based on relevant facts, then appropriate economic policy becomes obvious and uncontroversial.