Question 1

Shaniq can spend the next hour studying for a finance test,hiking along the Oregon coast,watching reruns of Lost on television,or napping.If she decides to study,what is the opportunity cost of her choice: hiking,watching television,or napping?

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Question 2

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

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-The table above shows how many blouses...

Question 3

-The figure above shows the price of a DVD player from 1996 to 2000.
a.What type of graph is illustrated above?
b.What is the trend in the price of a DVD player?

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-The figure above shows the price of...

Question 4

Define marginal cost and marginal benefit.

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Question 5

Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement.

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Question 6

What is the difference between positive and normative statements?

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Question 7

What is a positive statement? Give an example.

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Question 8

What is a normative statement? Give an example.

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Question 9

In New State,the bottling law requires that people get a refund of five cents when they return an empty bottle or can.Why does the state pay people to return bottles? In your answer,be sure to mention the role played by rational choice.

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Question 10

Why do economists use graphs?

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Question 11

What kind of information is conveyed in a time-series graph?

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Question 12

Two economists can agree that raising the minimum wage creates unemployment yet one might argue that raising the minimum wage is a good policy and the other that it is a bad policy.Why can this difference exist? Be sure to use the terms positive and normative in your answer.

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Question 13

Explain whether the statement,"There is life on Mars," is a normative or positive statement.

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Question 14

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

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Question 15

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

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Question 16

Discuss what is necessary to make rational decisions.Be sure to mention opportunity cost,marginal cost,and marginal benefit.

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Question 17

Explain whether the statement,"Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement.

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Question 18

Why is the benefit of something measured by what you are willing to give up?

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Question 19

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?

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Question 20

In the diagram below,label the x-axis,the y-axis,and the origin.

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Quiz 1: Getting Started