Exam 1: The Scope and Method of Economics

Refer to the information provided in Figure 1.5 below to answer the questions that follow. Figure 1.5 -Refer to Figure 1.5.Which of the curves has a slope that is positive and increasing?

The government should extend the duration of unemployment benefits to those workers who lost their jobs due to outsourcing.This statement is best described as

The economy was expanding during all of the years that I was a student,but as soon as I graduated,the economy contracted.Therefore,the labor market was waiting until I started looking for a job to contract.This statement is an example of

The study of economics

The Latin phrase economists use that means all else equal is

The four criteria that are frequently used in judging the outcome of economic policy are

Refer to the information provided in Figure 1.3 below to answer the questions that follow. Figure 1.3 -Refer to Figure 1.3.The slope of the line between Points D and C is

Among the fundamental concepts in economics are

There is great concern over the fact that millions of Americans do not have health insurance.A study of the costs and benefits of implementing a national health-insurance program is an example of

Refer to the information provided in Figure 1.2 below to answer the questions that follow. Figure 1.2 -Refer to Figure 1.2.The slope of the line between Points A and B is

You know that the computer lab at school gets very crowded at about 3:00 p.m.To avoid the crowds,you start going to the computer lab one hour earlier every day.However many students make the same decision,and now the computer lab becomes very crowded at 2:00 p.m.This is an example of the

The amount of education that one has is an important factor in the determination of his or her wage rate.This is best described as

If information is less costly and more easily available,then usually this

The slope of a straight line is not constant unless the line is vertical or horizontal.

If your tuition is $25,000 this semester,your books cost $1,500,you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour,and your room and board is $7,500 this semester (same as if not attending college),then your opportunity cost of attending college this semester is

A measure that can change from observation to observation is known as a(n)

Refer to the information provided in Figure 1.3 below to answer the questions that follow. Figure 1.3 -Refer to Figure 1.3.At Point A,what is the value of Y?

The study of how benefits are determined for city employees would be considered

If you own a building and you decide to use that building to open a book store,

Related to the Economics in Practice on p.5: According to the Economics in Practice,a majority of the $10 retail value of the Barbie doll