Exam 1: Getting Started

John decides to leave college early and play professional sports.Which of the following economic principles does John use? i.personal economic policies ii.marginal cost versus marginal benefit analysis iii.normative versus positive economics

Which of the following statements is a positive statement?

A steep slope in a time series graph means the variable is

Opportunity cost is best defined as

For spring break,Melanie will either stay home or go to Daytona Beach.At home,Melanie pays $10 per day for food and earns $90 a day at her job.At Daytona Beach,Melanie will stay with friends and so has no lodging cost.She will pay $20 per day for food.In terms of dollars,Melanie's opportunity cost per day of going to Daytona Beach is how much?

Moving from left to right,a U-shaped curve starts with a

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

The decision to go to graduate school is a rational one for a college student if the

The question "Should we produce houses using bricks or wood?" is an example of a ________ question.

Scarcity forces people to

The opportunity cost of a decision is measured in terms of

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

-In the above figure,the diagram shows

Which of the following is a microeconomic topic?

The benefit of a one-unit increase in an activity

-In the figure above,what can you deduce about the slope of the curve?

Demonstrating how an economic variable changes from one year to the next is best illustrated by a

-A graph shows that the number of U.S.tourists visiting a Caribbean island increases as the temperature in the northeastern United States falls.The graph shows

The slope of a line equals the change in the variable measured along the

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a