Exam 1: Getting Started

Shaniq can spend the next hour studying for a finance test,hiking along the Oregon coast,watching reruns of Lost on television,or napping.If she decides to study,what is the opportunity cost of her choice: hiking,watching television,or napping?

To make a rational choice,a person

To graph a relationship among several variables,we hold all but ________ variable(s)constant and use the ________ assumption.

Which of the following is true? i.A rational choice is made on the margin. ii.Microeconomics is the study of the national economy while macroeconomics is the study of the global economy. iii.Economists try to understand how the economic world works by testing normative statements.

The primary focus of microeconomics is

-The figure above shows a

The benefit from a good or service that you purchase is measured by

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

Suppose you take a trip during spring break.To determine the benefit of taking the trip,you

-What is the slope of the line in the graph?

-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 B and C equals

A curve with a positive but decreasing slope represents a relationship where,every time the variable measured along the horizontal axis increases by one unit,the variable measured along the vertical axis

If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2,then the slope of the curve equals

Which of the following statements is the best example of the term ceteris paribus?

Which of the following is an example of a positive economic statement?

When analyzing graphically the relationship between more than two variables,which of the following must be used?

Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of

-What does the slope of the line shown in the above figure equal?

-In the above,which figure(s)has (have)at least one point at which the slope equals zero?

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic questions?