Question 1

A tangent line is a straight line

Accepted Answer

A)  that intersects a curved line twice 
B)  with a slope equal to infinity 
C)  that touches a curved line at only one point 
D)  that intersects a curved line at several points 
E)  that runs along the vertical axis 
A)  that intersects a curved line twice 
B)  with a slope equal to infinity 
C)  that touches a curved line at only one point 
D)  that intersects a curved line at several points 
E)  that runs along the vertical axis C

Question 2

Exhibit 1-2  
-In Exhibit 1-2, when x is greater than 10, the

Accepted Answer

A)  value of y is larger on curve A than on curve B 
B)  value of y is smaller on curve A than on curve B 
C)  value of y is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive 
A)  value of y is larger on curve A than on curve B 
B)  value of y is smaller on curve A than on curve B 
C)  value of y is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive A

Question 3

Exhibit 1-2  
-In Exhibit 1-2, at y = 14, the

Accepted Answer

A)  value of x is larger on curve A than on curve B 
B)  value of x is smaller on curve A than on curve B 
C)  value of x is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive 
A)  value of x is larger on curve A than on curve B 
B)  value of x is smaller on curve A than on curve B 
C)  value of x is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive A

Question 4

Exhibit 1-4  
-According to the curve in Exhibit 1-4,

Accepted Answer

A)  if P = $8, then Q = 8 
B)  if P = $10, then Q = 10 
C)  Q increases as P increases 
D)  Q decreases as P decreases 
E)  there is a positive relation between Q and P 
A)  if P = $8, then Q = 8 
B)  if P = $10, then Q = 10 
C)  Q increases as P increases 
D)  Q decreases as P decreases 
E)  there is a positive relation between Q and P

Question 5

Exhibit 1-1  
-Point a in Exhibit 1-1 represents

Accepted Answer

A)  the origin 
B)  x = 0, y = 50 
C)  x = 50, y = 0 
D)  x + y = 50 
E)  y = 0; no information is given about x 
A)  the origin 
B)  x = 0, y = 50 
C)  x = 50, y = 0 
D)  x + y = 50 
E)  y = 0; no information is given about x

Question 6

Exhibit 1-2  
-In Exhibit 1-2, at x = 10, the

Accepted Answer

A)  value of y is larger on curve A than on curve B 
B)  value of y is smaller on curve A than on curve B 
C)  value of y is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive 
A)  value of y is larger on curve A than on curve B 
B)  value of y is smaller on curve A than on curve B 
C)  value of y is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive

Question 7

Exhibit 1-9
  
-Using the values in Exhibit 1-9, calculate the slope of a line graphed with x on the horizontal axis and y on the vertical axis.

Accepted Answer

A)  0.5 
B)  2 
C)  1.5 
D)  100 
E)  the slope cannot be determined without additional information 
A)  0.5 
B)  2 
C)  1.5 
D)  100 
E)  the slope cannot be determined without additional information

Question 8

Exhibit 1-5  
-In Exhibit 1-5, curve A has a slope of

Accepted Answer

A)  0 
B)  1.25 
C)  1.33 
D)  -1.25 
E)  -1.33 
A)  0 
B)  1.25 
C)  1.33 
D)  -1.25 
E)  -1.33

Question 9

Exhibit 1-10  
-In Exhibit 1-10, the slope of the line is

Accepted Answer

A)  negative for all values of x 
B)  positive for all values of x 
C)  zero at x = 7 
D)  first negative, then positive as x increases 
E)  negative for all values of y 
A)  negative for all values of x 
B)  positive for all values of x 
C)  zero at x = 7 
D)  first negative, then positive as x increases 
E)  negative for all values of y

Question 10

Most economics graphs reflect the relationship between how many economic variables?

Accepted Answer

A)  three 
B)  two 
C)  four 
D)  thirty 
E)  twenty 
A)  three 
B)  two 
C)  four 
D)  thirty 
E)  twenty

Question 11

Exhibit 1-3  
-In Exhibit 1-3, for any value of y, the

Accepted Answer

A)  value of x is larger on curve A than on curve B 
B)  value of x is smaller on curve A than on curve B 
C)  value of x is the same on curve A as on curve B 
D)  slope of line A is increasing 
E)  slope of line B is negative 
A)  value of x is larger on curve A than on curve B 
B)  value of x is smaller on curve A than on curve B 
C)  value of x is the same on curve A as on curve B 
D)  slope of line A is increasing 
E)  slope of line B is negative

Question 12

Exhibit 1-1  
-Point b in Exhibit 1-1 represents

Accepted Answer

A)  x = 30, y = 60 
B)  x = 60, y = 30 
C)  x + y = 60 
D)  x + y = 30 
E)  b = 90 
A)  x = 30, y = 60 
B)  x = 60, y = 30 
C)  x + y = 60 
D)  x + y = 30 
E)  b = 90

Question 13

The part of a graph that is most applicable to marginal analysis is the

Accepted Answer

A)  origin 
B)  slope 
C)  horizontal axis 
D)  dependent variable 
E)  inverse relation 
A)  origin 
B)  slope 
C)  horizontal axis 
D)  dependent variable 
E)  inverse relation

Question 14

Exhibit 1-5  
-In Exhibit 1-5, curve A has a __________ slope that is __________ at every point.

Accepted Answer

A)  positive; constant 
B)  positive; changing 
C)  negative; constant 
D)  negative; changing 
E)  changing; constant 
A)  positive; constant 
B)  positive; changing 
C)  negative; constant 
D)  negative; changing 
E)  changing; constant

Question 15

Exhibit 1-15  
-Refer to Exhibit 1-15. The reason that Line (a) would shift to the position of Line (b) is

Accepted Answer

A)  a change in quantity 
B)  a change in price 
C)  a change in an assumption about the relationship between the two variables observed 
D)  a change from a positive relation to a negative relation 
E)  a change from a negative relation to a positive relation 
A)  a change in quantity 
B)  a change in price 
C)  a change in an assumption about the relationship between the two variables observed 
D)  a change from a positive relation to a negative relation 
E)  a change from a negative relation to a positive relation

Question 16

Exhibit 1-16          
-Refer to exhibit 1-16. Which of the graphs illustrates an inverse or negative relationship between variable X and variable Y?

Accepted Answer

A)  a 
B)  b 
C)  c 
D)  d 
E)  e 
A)  a 
B)  b 
C)  c 
D)  d 
E)  e

Question 17

On a graph with x on the horizontal axis and y on the vertical axis, the origin is

Accepted Answer

A)  the point where x = 0 and y = 0 
B)  any point where x = 0 
C)  any point where y = 0 
D)  where a curve intersects the vertical axis 
E)  where a curve intersects the horizontal axis 
A)  the point where x = 0 and y = 0 
B)  any point where x = 0 
C)  any point where y = 0 
D)  where a curve intersects the vertical axis 
E)  where a curve intersects the horizontal axis

Question 18

Exhibit 1-2  
-In Exhibit 1-2, at x = 8, the

Accepted Answer

A)  value of y is larger on curve A than on curve B 
B)  value of y is smaller on curve A than on curve B 
C)  value of y is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive 
A)  value of y is larger on curve A than on curve B 
B)  value of y is smaller on curve A than on curve B 
C)  value of y is the same on curve A as on curve B 
D)  slope of line A is negative 
E)  slope of line B is positive

Question 19

Exhibit 1-16          
-Refer to exhibit 1-16. Which of the graphs illustrates no relationship between variable X and variable Y?

Accepted Answer

A)  a 
B)  b 
C)  c 
D)  d 
E)  e 
A)  a 
B)  b 
C)  c 
D)  d 
E)  e

Question 20

A line on a graph will shift if

Accepted Answer

A)  the independent variable changes 
B)  there are no changes in any variables considered in the model 
C)  there is a change in a variable that had previously been assumed to be constant 
D)  a change in the independent variable causes a change in the dependent variable 
E)  the independent variable and the dependent variable are unrelated 
A)  the independent variable changes 
B)  there are no changes in any variables considered in the model 
C)  there is a change in a variable that had previously been assumed to be constant 
D)  a change in the independent variable causes a change in the dependent variable 
E)  the independent variable and the dependent variable are unrelated

Exam 1: Appendix: Understanding Graphs

A tangent line is a straight line

Exhibit 1-2 -In Exhibit 1-2, when x is greater than 10, the

Exhibit 1-2 -In Exhibit 1-2, at y = 14, the

Exhibit 1-4 -According to the curve in Exhibit 1-4,

Exhibit 1-1 -Point a in Exhibit 1-1 represents

Exhibit 1-2 -In Exhibit 1-2, at x = 10, the

Exhibit 1-9 -Using the values in Exhibit 1-9, calculate the slope of a line graphed with x on the horizontal axis and y on the vertical axis.

Exhibit 1-5 -In Exhibit 1-5, curve A has a slope of

Exhibit 1-10 -In Exhibit 1-10, the slope of the line is

Most economics graphs reflect the relationship between how many economic variables?

Exhibit 1-3 -In Exhibit 1-3, for any value of y, the

Exhibit 1-1 -Point b in Exhibit 1-1 represents

The part of a graph that is most applicable to marginal analysis is the

Exhibit 1-5 -In Exhibit 1-5, curve A has a __________ slope that is __________ at every point.

Exhibit 1-15 -Refer to Exhibit 1-15. The reason that Line (a) would shift to the position of Line (b) is

Exhibit 1-16 -Refer to exhibit 1-16. Which of the graphs illustrates an inverse or negative relationship between variable X and variable Y?

On a graph with x on the horizontal axis and y on the vertical axis, the origin is

Exhibit 1-2 -In Exhibit 1-2, at x = 8, the

Exhibit 1-16 -Refer to exhibit 1-16. Which of the graphs illustrates no relationship between variable X and variable Y?

A line on a graph will shift if

The Art and Science of Economic Analysis

Economic Tools and Economics Systems

Economic Decision Makers

Demand, Supply, and Markets

Elasticity of Demand and Supply

Appendix: price Elasticity and Tax Incidence

Consumer Choice and Demand

Appendix: Indifference Curves and Utility Maximization

Production and Cost in the Firm

Appendix: a Closer Look at Production and Cost

A: perfect Competition

B: perfect Competition

A: monopoly

B: Monopoly

Monopolistic Competition and Oligopoly

Resource Markets

Labor Markets and Labor Unions

Capital, Interest, and Corporate Finance

Transaction Costs, Imperfect Information, and Behavioral Economics

Economic Regulation and Antitrust Policy

Public Goods and Public Choice

Externalities and the Environment

Income Distribution and Poverty

International Trade

International Finance

Economic Development

Filters

Exhibit 1-5 -In Exhibit 1-5, curve A has a slope that is at every point.