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Exam 1: What Economics Is About

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Question 81

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Economists use the word utility to describe the satisfaction one receives from a good.

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Question 82

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Which of the following is a positive economic statement?

A) The temperature is too high today.
B) The temperature is 105 degrees today.
C) It is too hot to jog today.
D) I enjoy summer evenings when it cools off.

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Question 83

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The coordinates of point A are 30 units of X and 70 units of Y. The coordinates of point B are 28 units of X and 76 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line between points A and B is

According to economists, competition exists because of

According to economists, one of the four broad categories of resources is money.

The slope of a straight line is always equal to either 1.0 or -1.0.

Prior to attending college, Marvin is offered a lucrative four-year contract as an actor o n a daytime soap opera. Assuming that acting and attending college are Marvin's preferred alternatives and that he must choose between these two options, his opportunity cost of attending college after receiving the offer on the soap opera  ________________, making him ____________ likely to attend college than before he received the offer.

The condition in an economy that makes a "rationing device" a necessity is:

When a person is making a decision at the margin he or she is comparing the total benefits from that activity to the total costs of the proposed action.

The opportunity cost of attending college is

All sellers may be tempted to raise the price of what they sell, but a negative unintended effect for the seller of raising the price could be __________ in units sold that is large enough to __________ the seller's total revenue earned.

The higher the opportunity cost of attending college,

In economics, capital is defined as a financial asset such as stocks and bonds.

The slope of a horizontal line is always equal to zero.

In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of

Exhibit 1-1 -Refer to Exhibit 1-1.  The student whose study habits are illustrated in this diagram will maximize the net benefits of studying when she has studied __________ hours.

Is it possible for mandatory seatbelt laws to increase vehicle fatalities?

The effect of a decrease in interest rates upon economic growth is an example of positive economics.

Scarcity occurs in both wealthy societies and poor societies.

In all cases, microeconomics deals with