Exam 1: Getting Started

Scarcity means we must

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.This figure shows ________ relationship between the time spent studying and the GPA.

If the quantity of the variable on the y-axis increases by 3 when the quantity of the variable on the x-axis increases by 4,then the slope of the curve equals

As a shoe factory adds more workers,shoe production grows,reaches a maximum,and then shrinks.In a diagram that has the number of workers on the horizontal axis and the number of shoes on the vertical axis,the relationship between the number of workers and the number of shoes starts as ________ and then,after the maximum point,is ________.

In a graph,a straight line has a negative slope if the line

When a home builder decides to computerize all of its production schedule,it directly answers the ________ question.

What is the difference between positive and normative statements?

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The slope between points C and D equals

Why do economists use graphs?

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases.The graph of these two variables is

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

-The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts.If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2,peanut farmers are willing to sell

Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement.

On a graph showing the relationship between x and y,the ceteris paribus condition implies that

Which of the following is a positive statement?

The important characteristic of normative statements is that they

Which economic question depends on the incomes that people earn and the prices they pay for goods and services?

When Ford decides to increase production of hybrid cars,it directly answers the ________ question.

Your friend is preparing for this exam and in your practice session makes the following statement: "Instead of attending microeconomics class for two hours,Kiki could have played tennis or watched a movie.Therefore,the opportunity cost of attending class is the tennis and the movie she had to give up." Is your friend's analysis correct or not? Explain your answer.

-The figure above shows the relationship between the journey length and the cost of trip per mile.The curve becomes flatter because as the journey length increases,