Question 1

The fact that two variables always move together over time:

Accepted Answer

A) does not prove that one of the variables is dependent on the other. 
B) proves that one of the variables is dependent on the other. 
C) proves that changes in one variable cause changes in the other. 
D) is often illustrated or depicted using either a pie chart or a bar chart. 
A) does not prove that one of the variables is dependent on the other. 
B) proves that one of the variables is dependent on the other. 
C) proves that changes in one variable cause changes in the other. 
D) is often illustrated or depicted using either a pie chart or a bar chart.

Question 2

The relation between two variables that move in opposite directions is said to be:

Accepted Answer

A) independent. 
B) positive. 
C) direct. 
D) negative. 
A) independent. 
B) positive. 
C) direct. 
D) negative.

Question 3

Use the following to answer question:  
-(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relation between price on the vertical axis and quantity supplied on the horizontal axis is:

Accepted Answer

A) equal to 1/2. 
B) equal to 1. 
C) equal to 2. 
D) different at different points on the line. 
A) equal to 1/2. 
B) equal to 1. 
C) equal to 2. 
D) different at different points on the line.

Question 4

A _____ graph shows how the value of one or more variables has changed over some period.

Accepted Answer

A) linear 
B) time-series 
C) nonlinear 
D) periodic table 
A) linear 
B) time-series 
C) nonlinear 
D) periodic table

Question 5

The owner of the Dismal Philosopher,one of the five bookstores on College Road,asks you to make a graph showing each College Road bookstore's share of all five stores' book purchases.A good way to show this information is with a pie chart.

Accepted Answer

A) True 
 B)False

Question 6

Use the following to answer question:  
-(Figure: Seasonally Adjusted Unemployment Rate)Use Figure: Seasonally Adjusted Unemployment Rate.The distance between each labeled point on the horizontal axis is one year,and the distance between each labeled point on the vertical axis is one percentage point of unemployment.Unemployment was _____ between 1/2001 and 1/2002 and _____ between 1/1999 and 1/2000.

Accepted Answer

A) increasing;decreasing 
B) increasing;increasing 
C) decreasing;increasing 
D) decreasing;decreasing 
A) increasing;decreasing 
B) increasing;increasing 
C) decreasing;increasing 
D) decreasing;decreasing

Question 7

Use the following to answer question:  
-(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relationship between price on the vertical axis and quantity demanded on the horizontal axis is:

Accepted Answer

A) equal to 1/2. 
B) equal to 1. 
C) equal to 2. 
D) different at different points on the line. 
A) equal to 1/2. 
B) equal to 1. 
C) equal to 2. 
D) different at different points on the line.

Question 8

Use the following to answer question:  
-(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point C to point E in the figure,the outside temperature has _____ degrees and the number of cold drinks sold has _____.

Accepted Answer

A) decreased by 30;decreased by 30 
B) increased by 20;increased by 20 
C) increased by 30;increased by 30 
D) increased by 40;increased by 40 
A) decreased by 30;decreased by 30 
B) increased by 20;increased by 20 
C) increased by 30;increased by 30 
D) increased by 40;increased by 40

Question 9

The ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis,measured between two points on the curve,is the:

Accepted Answer

A) axis. 
B) slope. 
C) dependent variable. 
D) independent variable. 
A) axis. 
B) slope. 
C) dependent variable. 
D) independent variable.

Question 10

Use the following to answer question:  
-(Figure: Illustrating Slope)Use Figure: Illustrating Slope.In the graph,line 3 depicts X and Y to be:

Accepted Answer

A) positively related. 
B) unrelated. 
C) negatively related. 
D) both fixed in value. 
A) positively related. 
B) unrelated. 
C) negatively related. 
D) both fixed in value.

Question 11

Use the following to answer question:  
-(Figure: Demand and Supply of Shirts)Use Figure Demand and Supply of Shirts.If the line labeled S shows how many shirts per week will be offered for sale at various prices,then it is clear that,for supply,quantity and price are:

Accepted Answer

A) the same. 
B) positively related. 
C) negatively related. 
D) not related. 
A) the same. 
B) positively related. 
C) negatively related. 
D) not related.

Question 12

Use the following to answer question:  
-(Figure: Seasonally Adjusted Unemployment Rate)Use Figure: Seasonally Adjusted Unemployment Rate.The distance between each labeled point on the horizontal axis is one year,and the distance between each labeled point on the vertical axis is one percentage point of unemployment.Using this graph,the unemployment rate was at its lowest point (in the time window)shown in _____ and at its highest point (in the time window shown)in _____.

Accepted Answer

A) 2003;2000 
B) 2007;2001 
C) 2003;1999 
D) 2000;2003 
A) 2003;2000 
B) 2007;2001 
C) 2003;1999 
D) 2000;2003

Question 13

Use the following to answer question:  
-(Figure: Seasonally Adjusted Unemployment Rate)Use Figure: Seasonally Adjusted Unemployment Rate.The distance between each labeled point on the horizontal axis is one year,and the distance between each labeled point on the vertical axis is one percentage point of unemployment.What is the approximate slope of the graph between 1/2004 and 1/2006 (using percentage point and years as the units on the vertical and horizontal axes,respectively)?

Accepted Answer

A) 1/2 
B) 1 
C) -1/2 
D) -2 
A) 1/2 
B) 1 
C) -1/2 
D) -2

Question 14

Use the following to answer question:  
-(Figure: Seasonally Adjusted Unemployment Rate)Use Figure: Seasonally Adjusted Unemployment Rate.The distance between each labeled point on the horizontal axis is one year,and the distance between each labeled point on the vertical axis is one percentage point of unemployment.Unemployment was _____ between 1/2001 and 1/2003 and _____ between 1/2007 and 1/2008.

Accepted Answer

A) increasing;decreasing 
B) increasing;increasing 
C) decreasing;increasing 
D) decreasing;decreasing 
A) increasing;decreasing 
B) increasing;increasing 
C) decreasing;increasing 
D) decreasing;decreasing

Question 15

Use the following to answer question:
 
-(Figure: Unemployment Rate over Time)Look at the figure Unemployment Rate over Time.In the time-series graph,as we move from the beginning of 2001 to the beginning of 2003,we see that the unemployment rate has _____ from approximately _____ to approximately _____.

Accepted Answer

A) decreased;5%;4% 
B) increased;5.3%;7.3% 
C) decreased;7.7%;5.5% 
D) increased;4%;6% 
A) decreased;5%;4% 
B) increased;5.3%;7.3% 
C) decreased;7.7%;5.5% 
D) increased;4%;6%

Question 16

Use the following to answer question:  
-(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point B to point C in the figure,the outside temperature has _____ degrees and the number of cold drinks sold has _____.

Accepted Answer

A) decreased by 30;decreased by 30 
B) increased by 20;increased by 20 
C) increased by 30;increased by 30 
D) increased by 40;increased by 40 
A) decreased by 30;decreased by 30 
B) increased by 20;increased by 20 
C) increased by 30;increased by 30 
D) increased by 40;increased by 40

Question 17

The scaling of the axes of a time-series graph:

Accepted Answer

A) is not a critical element in presenting the intended information. 
B) may change the visual interpretation of the data. 
C) generally places the time period on the vertical axis. 
D) generally puts values of a variable,such as the unemployment rate,on the vertical axis. 
A) is not a critical element in presenting the intended information. 
B) may change the visual interpretation of the data. 
C) generally places the time period on the vertical axis. 
D) generally puts values of a variable,such as the unemployment rate,on the vertical axis.

Question 18

Use the following to answer question:
 
-(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has _____ from approximately _____% to approximately _____%.

Accepted Answer

A) decreased;5;4 
B) increased;5.3;7.3 
C) decreased;7.8;5.5 
D) increased;4;6.3 
A) decreased;5;4 
B) increased;5.3;7.3 
C) decreased;7.8;5.5 
D) increased;4;6.3

Question 19

A linear curve has the same slope between every pair of points.

Accepted Answer

A) True 
 B)False

Question 20

Use the following to answer question:  
-(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point C to point B in the figure,the x-variable has _____ units and the y-variable has _____ units.

Accepted Answer

A) decreased by 2;increased by 15 
B) increased by 2;decreased by 15 
C) decreased by 15;increased by 2 
D) increased by 15;decreased by 2 
A) decreased by 2;increased by 15 
B) increased by 2;decreased by 15 
C) decreased by 15;increased by 2 
D) increased by 15;decreased by 2

The fact that two variables always move together over time:

The relation between two variables that move in opposite directions is said to be:

Use the following to answer question: -(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relation between price on the vertical axis and quantity supplied on the horizontal axis is:

A _____ graph shows how the value of one or more variables has changed over some period.

The owner of the Dismal Philosopher,one of the five bookstores on College Road,asks you to make a graph showing each College Road bookstore's share of all five stores' book purchases.A good way to show this information is with a pie chart.

Use the following to answer question: -(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relationship between price on the vertical axis and quantity demanded on the horizontal axis is:

Use the following to answer question: -(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point C to point E in the figure,the outside temperature has _ degrees and the number of cold drinks sold has _.

The ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis,measured between two points on the curve,is the:

Use the following to answer question: -(Figure: Illustrating Slope)Use Figure: Illustrating Slope.In the graph,line 3 depicts X and Y to be:

Use the following to answer question: -(Figure: Demand and Supply of Shirts)Use Figure Demand and Supply of Shirts.If the line labeled S shows how many shirts per week will be offered for sale at various prices,then it is clear that,for supply,quantity and price are:

Use the following to answer question: -(Figure: Unemployment Rate over Time)Look at the figure Unemployment Rate over Time.In the time-series graph,as we move from the beginning of 2001 to the beginning of 2003,we see that the unemployment rate has ___ from approximately _ to approximately ___.

Use the following to answer question: -(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point B to point C in the figure,the outside temperature has _ degrees and the number of cold drinks sold has _.

The scaling of the axes of a time-series graph:

Use the following to answer question: -(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has ___ from approximately _% to approximately ___%.

A linear curve has the same slope between every pair of points.

Use the following to answer question: -(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point C to point B in the figure,the x-variable has _ units and the y-variable has _ units.

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Consumer Preferences and Consumer Choice

Filters

Exam 21: Graphs in Economics

The fact that two variables always move together over time:

The relation between two variables that move in opposite directions is said to be:

Use the following to answer question: -(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relation between price on the vertical axis and quantity supplied on the horizontal axis is:

A _____ graph shows how the value of one or more variables has changed over some period.

The owner of the Dismal Philosopher,one of the five bookstores on College Road,asks you to make a graph showing each College Road bookstore's share of all five stores' book purchases.A good way to show this information is with a pie chart.

Use the following to answer question: -(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relationship between price on the vertical axis and quantity demanded on the horizontal axis is:

Use the following to answer question: -(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point C to point E in the figure,the outside temperature has _____ degrees and the number of cold drinks sold has _____.

The ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis,measured between two points on the curve,is the:

Use the following to answer question: -(Figure: Illustrating Slope)Use Figure: Illustrating Slope.In the graph,line 3 depicts X and Y to be:

Use the following to answer question: -(Figure: Demand and Supply of Shirts)Use Figure Demand and Supply of Shirts.If the line labeled S shows how many shirts per week will be offered for sale at various prices,then it is clear that,for supply,quantity and price are:

Use the following to answer question: -(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point B to point C in the figure,the outside temperature has _____ degrees and the number of cold drinks sold has _____.

The scaling of the axes of a time-series graph:

Use the following to answer question: -(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has _____ from approximately _____% to approximately _____%.

A linear curve has the same slope between every pair of points.

Use the following to answer question: -(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point C to point B in the figure,the x-variable has _____ units and the y-variable has _____ units.

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Consumer Preferences and Consumer Choice

Filters

Use the following to answer question: -(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point C to point E in the figure,the outside temperature has _ degrees and the number of cold drinks sold has _.

Use the following to answer question: -(Figure: Cold Drinks Sold and Temperature)Use Figure: Cold Drinks Sold and Temperature.If we move from point B to point C in the figure,the outside temperature has _ degrees and the number of cold drinks sold has _.

Use the following to answer question: -(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has ___ from approximately _% to approximately ___%.

Use the following to answer question: -(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point C to point B in the figure,the x-variable has _ units and the y-variable has _ units.