Question 1

The slope of a vertical straight line is infinity.

Accepted Answer

A) True 
 B)False

Question 2

Exhibit 1-4  
-Which of the following must be true of line D in Exhibit 1-4?

Accepted Answer

A)  A decrease in P is associated with a decrease in Q. 
B)  An increase in P is associated with an increase in Q. 
C)  There is no relation between P and Q. 
D)  There is an inverse relationship between P and Q. 
E)  There is a direct relationship between P and Q. 
A)  A decrease in P is associated with a decrease in Q. 
B)  An increase in P is associated with an increase in Q. 
C)  There is no relation between P and Q. 
D)  There is an inverse relationship between P and Q. 
E)  There is a direct relationship between P and Q.

Question 3

Suppose y is measured on the vertical axis, x is on the horizontal axis, and the various combinations of x and y are shown by a nonvertical straight line. Which of the following must be true?

Accepted Answer

A)  There is a negative relation between x and y. 
B)  There is a positive relation between x and y. 
C)  There is a causal relation between x and y. 
D)  If the value of x is known, the value of y can be determined. 
E)  The value of y is independent of the value of x. 
A)  There is a negative relation between x and y. 
B)  There is a positive relation between x and y. 
C)  There is a causal relation between x and y. 
D)  If the value of x is known, the value of y can be determined. 
E)  The value of y is independent of the value of x.

Question 4

If a given value of x is associated with a particular value of y,

Accepted Answer

A)  then x causes y 
B)  then y causes x 
C)  then x and y must be logically connected 
D)  there are no other variables that affect the value of y 
E)  there may be no causal relationship between x and y 
A)  then x causes y 
B)  then y causes x 
C)  then x and y must be logically connected 
D)  there are no other variables that affect the value of y 
E)  there may be no causal relationship between x and y

Question 5

Exhibit 1-8  
-The slope of a vertical line is

Accepted Answer

A)  infinitely large 
B)  zero 
C)  positive 
D)  negative 
E)  infinitely small 
A)  infinitely large 
B)  zero 
C)  positive 
D)  negative 
E)  infinitely small

Question 6

The slope of a horizontal straight line is infinity.

Accepted Answer

A) True 
 B)False

Question 7

Exhibit 1-1  
-In Exhibit 1-1 the movement from point a to point c represents

Accepted Answer

A)  an increase in x of 30 units and an increase in y of 10 units 
B)  an increase in x of 10 units and an increase in y of 30 units 
C)  an increase in x of 60 units and a decrease in y of 20 units 
D)  an increase in x of 20 units and a decrease in y of 60 units 
E)  an increase in x of 20 units and a decrease in y of 30 units 
A)  an increase in x of 30 units and an increase in y of 10 units 
B)  an increase in x of 10 units and an increase in y of 30 units 
C)  an increase in x of 60 units and a decrease in y of 20 units 
D)  an increase in x of 20 units and a decrease in y of 60 units 
E)  an increase in x of 20 units and a decrease in y of 30 units

Question 8

Exhibit 1-1  
-In Exhibit 1-1 the movement from point a to point b represents

Accepted Answer

A)  an increase in x of 30 units and an increase in y of 10 units 
B)  an increase in x of 10 units and an increase in y of 30 units 
C)  an increase in x of 60 units and a decrease in y of 20 units 
D)  an increase in x of 20 units and a decrease in y of 60 units 
E)  an increase in x of 20 units and a decrease in y of 30 units 
A)  an increase in x of 30 units and an increase in y of 10 units 
B)  an increase in x of 10 units and an increase in y of 30 units 
C)  an increase in x of 60 units and a decrease in y of 20 units 
D)  an increase in x of 20 units and a decrease in y of 60 units 
E)  an increase in x of 20 units and a decrease in y of 30 units

Question 9

Exhibit 1-8  
-The slope of the line in Exhibit 1-8 is

Accepted Answer

A)  0.1 
B)  1 
C)  10 
D)  -0.1 
E)  -10 
A)  0.1 
B)  1 
C)  10 
D)  -0.1 
E)  -10

Question 10

Exhibit 1-6  
-Along the curve in Exhibit 1-6,

Accepted Answer

A)  if P = $6, then Q = 8 
B)  if Q = 10, then P = $4 
C)  the slope is equal to -1 
D)  Q increases as P increases 
E)  there is a positive relationship between Q and P 
A)  if P = $6, then Q = 8 
B)  if Q = 10, then P = $4 
C)  the slope is equal to -1 
D)  Q increases as P increases 
E)  there is a positive relationship between Q and P

Question 11

Any point on a graph represents a combination of particular values of two variables.

Accepted Answer

A) True 
 B)False

Question 12

Exhibit 1-2  
-In Exhibit 1-2, when y is less than 12, 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

Question 13

Suppose a graph with Ron's weight on the vertical axis and his consumption of ice cream on the horizontal axis indicated that for each serving of ice cream he ate, Ron would gain 3 pounds, regardless of how much ice cream he had already eaten. This graph would show a

Accepted Answer

A)  horizontal line at weight = 3 
B)  straight line with slope = 3 
C)  straight line with slope = 1/2 
D)  straight line with slope = -3 
E)  straight line with slope = -1/3 
A)  horizontal line at weight = 3 
B)  straight line with slope = 3 
C)  straight line with slope = 1/2 
D)  straight line with slope = -3 
E)  straight line with slope = -1/3

Question 14

Exhibit 1-16          
-Refer to Exhibit 1-16. Which graph illustrates a negative relationship between variable X and variable Y initially but then a positive relationship?

Accepted Answer

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

Exam 1: Appendix: Understanding Graphs

The slope of a vertical straight line is infinity.

Exhibit 1-4 -Which of the following must be true of line D in Exhibit 1-4?

Suppose y is measured on the vertical axis, x is on the horizontal axis, and the various combinations of x and y are shown by a nonvertical straight line. Which of the following must be true?

If a given value of x is associated with a particular value of y,

Exhibit 1-8 -The slope of a vertical line is

The slope of a horizontal straight line is infinity.

Exhibit 1-1 -In Exhibit 1-1 the movement from point a to point c represents

Exhibit 1-1 -In Exhibit 1-1 the movement from point a to point b represents

Exhibit 1-8 -The slope of the line in Exhibit 1-8 is

Exhibit 1-6 -Along the curve in Exhibit 1-6,

Any point on a graph represents a combination of particular values of two variables.

Exhibit 1-2 -In Exhibit 1-2, when y is less than 12, the

Suppose a graph with Ron's weight on the vertical axis and his consumption of ice cream on the horizontal axis indicated that for each serving of ice cream he ate, Ron would gain 3 pounds, regardless of how much ice cream he had already eaten. This graph would show a

Exhibit 1-16 -Refer to Exhibit 1-16. Which graph illustrates a negative relationship between variable X and variable Y initially but then a positive relationship?

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

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