Exam 1: Getting Started

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by Honda on the horizontal axis.The price of a pound of cucumbers remains constant as the quantity of new cars sold increases.The graph of these data is a

The vertical axis in a graph

If whenever one variable increases,another variable also increases,then these two variables are ________ related.

Macroeconomics is the study of

-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

What do economists mean when they discuss "scarcity"?

-The table above shows data on two variables.If these data were graphed,the slope of the line would be

As the number of days without rain increases,the amount of wheat grown per acre declines.A graph showing this relationship shows

When people make rational choices,they

When the Dallas Cowboys score more than 30 points in a game,they win the game.This is an example of

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

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

When the power company decides to use manpower to bury its lines,it directly answers the ________ question.

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

Decision making on the margin involves

The marginal cost of an activity ________ as you do more of it.

"As the price of gasoline increases,fewer people buy cars that are gas guzzlers." A graph showing this relationship would

Which of the following is true regarding a normative statement? i.It uses the ceteris paribus assumption. ii.It is a value judgment. iii.It accounts for opportunity costs.

-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

Which of the following scenarios describes an action that is not rational from an economic point of view?