economics ch 1

Given X = 22+10-((5/25)*100), X is ________.

12

pie charts

19 and under

After the death of the queen in the country of Chedeux, her daughter, Chantasia became the new queen and ruler. Chantasia is known to be a ruler of the people, but as she gains more power from the populus, she begins to instigate sweeping changes to the economy and government, all in the name of helping the 'most downtrodden among us'. One of her first actions is to enforce a command economy to control all aspects of the country and regulate its wealth. As one of the queen's subjects, you've seen the changes she made. Which of these actions would be in line with this new command economy she is creating?

Chantasia creates a new government body called the Ministry of Planning which will set wages, prices and production targets to reach each month.

Identify which of the following microeconomic topics can have an impact on macroeconomic topics?

How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?

When creating a graph for your economics course, which axis is most commonly used to represent price (p)?

Price is most commonly represented on the y-axis.

How would the equation where x=3 and y=4 be represented in a XY graph, and what does it say about the relationship between X and Y?

The beginning point y=4 on the Y axis has a horizontal line straight to the right, X-axis has a vertical line straight up from x=3. With the two points on the graph, there is an intersection point where the x and y will cross each other.

A free market is described by which of the following statements?

The government does not set or influence market prices in any way.

Which assumption below best reflects a basic understanding economists have about the world?

The world has limited productive resources.

Because of our limited money, time, and effort, we are best off when we allocate things

by constantly assessing the opportunity costs of our choices.

When tasks involved with producing a good or service are divided among different workers, businesses

can produce a greater quantity of those goods or services.

which country has characteristics of a command economy?

cuba

Charlie is researching the relationship between the number of hours he spends on social media and his success in his classes. He sets up an equation to better understand the implications of this relationship. This describes a ________.

mathematical function.

The country of Armenia has an economy that includes people buying and selling freely, a government setting some price restrictions such as a minimum wage equivalent to $5 hour and regulates certain industries (pharmaceutical, mining, and farming). Armenia's economy is likely a________ economy.

mixed

If all else remains constant and the values of two variables move in the same direction it indicates a

positive slope relationship.

Darryl is starting a company helping people put up and take down holiday lights on their homes. He determines that the larger the house, the more likely people are to use his company to put up their lights. If Darryl were to plot the relationship between home size and willingness to pay for holiday light installation services, the line on the graph would show a

positive slope.

The ________ shows the interaction between household and firms in the goods and services market as well as in the labor market. This simplifies a complex economy, enabling economists to better observe and understand behavior.

the circular flow diagram

Economists would say that the decisions we make are influenced by

trade-offs.

What combination of model characteristics are frequently used in the most effective models?

useful and simple.

Given that total spending for a certain household will always include a base amount of $1000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx, where

y represents total spending.