Exam 2: Observing and Explaining the Economy

Consider a straight line with a slope of +1 that intersects the origin. It dissects the positive X-Y quadrant. Select any point on the line. What must be true about the distance between the origin and the X coordinate and between the origin and the Y coordinate?

Those who support a laissez faire system

Economic models differ from those in the physical sciences because

Graph the relationship between X and Y such that the relationship between X and Y is linear and positive.

Exhibit 2A-1 -Exhibit 2A-1 is an example of a

The figure below shows the relationship of the quantity demanded for iTune music downloads per day to the price of each iTune music download.

Whether a nation should have more or less government involvement is ally a

The category of economics that contains statements about what ought to be is known as

Exhibit 2A-6 -Exhibit 2A-6 shows the relationship between the price of sodas and the quantities that two families are willing to buy. Suppose that both families are willing to buy more sodas while the soda price remain constant. Which of the following is correct?

A laissez faire system is an economy with many government regulations.

A major reason for the development of new models is

A relationship showing that exam grades are positively related to hours of study can be described by a curve that

"Inflation is a more serious problem than unemployment." This statement is an example of

Exhibit 2A-3 -In Exhibit 2A-3, the curve has a

Interpret the following data on the relative price of cellphones and answer the following questions.

Most disagreements between economists occur because of different data sources.

A two-dimensional diagram can be represented by the

Which of the following is not an economic issue?

A system in which the government essentially owns and controls all production is called

Refer to the table below, which shows data for the United States.