Exam 1: The Scope and Method of Economics

If you observe that Kelly Clarkson won American Idol 3 years before Carrie Underwood won, and you conclude that Kelly Clarkson winning caused Carrie Underwood to win 3 years later, you would be guilty of an error called the

Every citizen in the United States should be required to become licensed to carry a firearm for the sake of protection. This statement is best described as

Refer to the information provided in Figure 1.4 below to answer the questions that follow. Figure 1.4 -Refer to Figure 1.4. Which of the Panels shows a curve or line that has an infinite slope throughout?

Economists use the phrase ceteris paribus to express the assumption

The reason that opportunity costs arise is that

Refer to the information provided in Figure 1.4 below to answer the questions that follow. Figure 1.4 -Refer to Figure 1.4. Panel D shows a curve which has a slope that is

Refer to the information provided in Figure 1.6 below to answer the questions that follow. Figure 1.6 -Refer to Figure 1.6. The slope of the line between Points A and B is

You have narrowed down your Friday night plans to either going bowling or playing billiards. If you choose to go bowling, then for you playing billiards is the ________ of going bowling.

If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 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 $8,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is

Which of the following is not an opportunity cost of attending college?

The slope of a vertical line is

Isabel noted that whenever she wore her green contact lenses, the Chicago White Sox would win that evening. Based on this observation, she developed the "green-eyes-for-White-Sox" theory of winning. It is most likely true that Isabel

Which of the following statements is correct?

Which of the following is the best definition of economics?

A government policy that tries to minimize inflation and unemployment can best be described as trying to achieve economic

Refer to the information provided in Figure 1.7 below to answer the questions that follow. Figure 1.7 -If the slope of a straight line is 5 and if X (the variable on the horizontal axis) increases by 4, then Y (the variable on the vertical axis) will

Which of the following is a microeconomics question?

Scarce resources give rise to the concept of

Which of the following is a positive question?

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