Chapter 1

value of the slope

-1/5

if y=800-4x what is the slope

-4

which graph shows a negative and increasing relationship between x and y

C

Correct Statement

Entrepreneurs make business decisions

Which of the following illustrates scarcity

Megan wants to buy a CD that costs $25 but has only $10 to spend

Who faces a tradeoff

Pam, Pat, and Pru face a tradeoff

Which of the following is an example of entrepreneurship

Sam walton creating walmart

Which items involve a microeconomic issue and which involve a macro issue? a. us is borrowing less from China, more from everybody else b. the us inflation expectations at highest level since 2015 c. is hula now a better value that netflix d. manufacturing production in the us rises for the 6th straight month

Statement A is macro Statement B is macro Statement C is micro Statement D is macro

Benefit

The benefit of something is the gain or pleasure that it brings.

Microeconomics

The study of the choices that individuals and businesses make and the way these choices interact and are influenced by governments.

Rational Choice

a choice that compares costs and benefits and achieves the greatest benefit over cost for the person making the choice

Tradeoff

a constraint that involves giving up one thing to get something else

Preferences

a description of a person's likes and dislikes and the intensity of those feelings

Incentive

a reward that encourages an action or a penalty that discourages one

Economics is _____

a social science

A choice on the margin is a choice that is made by comparing relevant __ systematically and ___ marginal cost is ___ marginal benefit is ---

alternatives; incrementally; opportunity cost; increase;benefit;increase

Which of the following headlines does not deal with scarcity?

apply early for your passport

Learning Aid question answers in order

ask the instructor, teach me, help me solve this, grapher

what move describes the impact of an increase in income on consumption

b to c

Rational choice is a choice that uses the available resources to ____ of the person making the choice

best achieve the objective

in what type of economy does the government decide how most economic resources will be allocated

centrally planned economy

In the previous graph, the solid line can be expressed algebraically as Y=a+bX. What causes the line to shift from solid to dashed

change in value of A

According to the economic way of thinking, people

compare costs and benefits and make a choice to achieve the greatest benefit over the cost for the person making the choice

Which of the following is not a possible opportunity cost of attending college

cost of housing

the most important skills needed for an economics job include

critical thinking and math

understanding economics can help policy makers devise strategies to do all of the following except

eliminate climate change

one of the first steps in deciding whether to complete your edu is to

evaluate marginal cost and marginal benefit

You ____ and the opportunity cost of your evening watching television was ___

faced a tradeoff between a higher test score and an evening watching tv and the 5 percent fall in your grade

What is the opportunity cost of the trip to hawaii

for pam and pat its a cruise, for pru its skiing

Cancer scientists hail breakthrough treatment involves a ___ question

for whom, what

land is the ____ that we use to produce goods and services

gifts of nature

Land

gifts of nature: land, oil, water, air

a tradeoff is ___

giving up one thing to get another

4 issues for social interest

globalization, climate change, information age monopolies, financial instability

____ is an example of ____

grand canyon, land

in the previous graph the value of the slope is

greater between g and h than between i and j

Opportunity Cost

highest value alternative that we must give up to get something we want

Stores uses computers to keep their inventory records involves a ____ question

how

Macro can be used to understand all the topics listed below except

how a consumer decides between two cars

Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, which of the following key economic questions are we trying to answer

how do we produce

Entrepreneurship

human resource that organizes that other 3 factors, development of new ideas about creating things of value

_____ is an example of a choice in the self interest __ is an example of a choice in social interest

i buy pizza for lunch, i am collecting funds to help the flood victims

In the previous graph, the relationship between output produced and cost of production can best be described as the cost of production:

increases at a decreasing rate up to a point then increases as an increasing rate

Human capital ____ that people obtain from edu, training, and work experience. _____ that have been produced in the past and that businesses now use to produce goods and services is capital

is the knowledge and skill, tools instruments machines buildings

choose the statement that is incorrect

it is never the rational choice to decide to enter the labor force immediately following high school

A dog trainer is an example of the factor of production

labor

Which of the following pairs does not match

labor, rent

4 Factors of Production

land, labor, capital, entrepreneurship

Factors of production are grouped into 4 categories, which are

land, labor, capital, entrepreneurship

the resources that are used to produce goods and services- ____ are the factors of producion

land, labor, capital, entrepreneurship

Rent is the income paid for the use of __ Wages are income paid for ___ Profit is the ___ earned by an entrepreneur for running a business interest is the income paid for the use of__

land, labor, income, capital

which covers inflation and unemployme4nt

macro

is the study of how households and businesses make choices, interact in markers, and how the gov influences their choices

micro

if the president announced we should do something to stimulate economic growth this is an example of

normative statement

which of the following has an economy where most resource allocation is determined by central planning authority

north korea

A rational choice is_____

one that compares costs and benefits

These represent what type of graphs

one variable

Marginal Cost

opportunity cost of producing one more unit of good or service calculated as the increase in total cost divided by the increase in output

Scarcity

our inability to satisfy all our wants

We can't avoid having to make choices because _____

our wants exceed the resources available to satisfy them

The stock of computers, factory buildings, and machine tools used to produce goods is known as

physical capital

macro is concerned w the following except

political party affiliation

What is the best descriptor of the relationship between disposable income and consumption spending

positive relationship

A shortage is the amount by which the _____ exceeds the _____

quantity demanded, quantity supplied

Efficiency

resource use is efficient if it is NOT possible to make someone better off without

economics is the study of choice under the conditions of

scarcity

___ are examples of goods and _____ are examples of services

shoes, haircuts

Economics is the ___ the choices that individuals, businesses, governments, and entire societies make as they ____ , and the influences on those choices, and the arrangements that coordinate them

social science that studies; cope with scarcity

An incentive that might encourage him to take the sociology course is

softer grading in sociology

The role of entrepreneurs involved

taking risks

Which of the following illustrates an efficient outcome?

ted cuts the price of his sausages and his profit increases

Marginal Benefit

the benefit a person receives from consuming one more unit of a good or service

Social Interest

the choices that are best for society as a whole making someone else worse off

economist do jobs that require

the collection and analysis of data, the ability to predict future trends, and study to determine ways of using resources more effectively

The opportunity cost of the rio olympics is

the goods and services that would have been purchased w R$7 billion if the facilities were not built unless rio hosted the olympics

which is a two variable graph

the graph on the left

Human Capital

the knowledge and skills a worker gains through education and experience

Goods and Services

the objects that people value and produce to satisfy human wants

Choose the correct statement

the opportunity cost of something is the highest valued alternative that must be given up to get it

Factors of Production

the productive resources used to produce goods and services

When Kanye West gave away tickets, what was free and what was scarce?

the seats available are scarce. there are only a certain amount available

Economics

the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices

Which of these does macro study

the study of how fast prices in general are rising

Macroeconomics

the study of the performance of the national economy and the global economy

Capital

the tools, equipment, machinery, and factories used in the production of goods and services

macroeconomics focuses on which of the following topics

unemployment, inflation, growth, trade

the new clip implies a tradeoff between

using traditional check out methods and using cashierless tech

the news clip deals with

what and how

The what, how, and whom questions in economics are questions about ____

what goods and services do we produce, how do we use the factors of production to produce these goods, and who consumes the good and services that are produced

What is the fundamental fact of life from which all economic problems arise?

what we want as a society is limited by our resources

Which of the following topics is not a macroeconomic question?

what will happen to the price of a computer as more firms produce computers

The Margin

when a choice is made by comparing a little more of something with its cost, the choice is made at the margin

Which of the following questions is a microeconomic question?

will a shortage of plumbers lead to a rise in the wage rate received by plumbers

Labor

work time and work effort, physical and mental efforts of humans

The ___ that people devote to produce goods and services is labor

work time, work effort

The vertical axis on a graph is

y axis

Which of the following formulas is correct for the slope between a and b

y2-y1/x2-x1

the slope at a line tangential to the maximum or minimum of nonlinear curve will always be equal to

zero