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AssignmentI

# AssignmentI - ARE 201 Introduction to Agricultural Resource...

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Spring 2008 Assignment I (Chapter 1) 1) Which of the following is an incentive? A) Home Depot decides whether to hire more full - time workers or more part - time workers. B) General Motors offers 0% financing when a person buys a new car. C) The use of economics to provide good business economic policies. D) A millionaire foregoes a business meeting to go on a family vacation. E) A student decides whether to study an extra hour for an exam. 2) If the change in y = 10 and the change in x = 3, there is A) a + 0.33 relationship between the two variables. B) a positive relationship between y and x . C) an independent relationship between y and x . D) a negative relationship between y and x . E) no relationship between y and x . 3) The slope A) equals the change in the value of the variable measured on the x - axis divided by the change in the variable measured on the y - axis. B) falls as the x variable increases if the line has a negative slope. C) will be small if a large change in the variable measured on the y - axis is associated with a small change in the variable measured on the x - axis. D) equals the change in the value of the variable measured on the y - axis minus the change in the variable measured on the x - axis. E) of a straight line is the same regardless of where on the line it is calculated. 4) A choice made by comparing all relevant alternatives systematically and incrementally is A) an opportunity cost. B) a choice on the margin. C) a sunk cost. D) a choice made in the social interest. E) a benefit. 5) With y measured on the vertical axis and x measured on the horizontal axis, the slope of a straight line is defined as A) y/x . B) y - x. C) (change in y )/(change in x ). D) (change in x )/(change in y ). E) x/y . 1

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6) In the above figure, the diagram shows A) a scatter diagram. B) an upward trend in x . C) a downward trend in x . D) a cross - section graph between x and time. E) a two - variable scatter diagram. 7) A cross - section graph A) shows the values of an economic variable for different groups in a population at a point in time. B) is divided into different sections. C) measures time on the x - axis and the variable in which we are interested on the y - axis. D) Both answers A and C are correct. E) Both answers A and B are correct. 8) Opportunity cost i. is the cost of the next best alternative forgone. ii. includes all the sunk costs. iii. plays no role in making a rational choice. A) iii only. B) i, ii, and iii. C) ii only. D) i and ii. E) i only. 9) When a third string professional quarterback earns more than a police officer, society answers the ___ question. A) what B) social interest C) why D) how E) for whom 10) The phrase ceteris paribus means A) the graph of a two variables. B) the slope is negative and positive.
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AssignmentI - ARE 201 Introduction to Agricultural Resource...

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