Exam 2: Economic Theories, data, and Graphs

The table below shows hypothetical data for volumes of e-books and hardcover books sold over a 3-year period in a particular city. TABLE 2-3 -Refer to Table 2-3.Suppose we choose Year 1 as the base year and construct a series of index numbers with which to analyze the sales data.The index numbers for volumes of e-books sold (starting with Year 1)is

The statement that a countryʹs rate of economic growth is influenced by its firmsʹ investment behaviour is an example of a(n)

Consider the functional relationship between two variables,X and Y.If Y is an increasing function of X,then

In order to test a theory,one must

The table below shows hypothetical per-minute cell phone charges for ʺpay-and-talkʺ service over several years. TABLE 2-2 -Refer to Table 2-2.Assume that 2008 is used as the base year,with the index number = 100.Which of the following series is the correct set of index numbers for the per-minute cell phone charges from 2008 to 2012?

Let 1 stand for ʺany given periodʺ and 2 stand for ʺbase period.ʺ The formula of any index number can be written as

The table below shows the approximate value of Canadaʹs crude oil and natural gas exports over a 5 -year period.The amounts shown are billions of dollars. TABLE 2-7 -Refer to Table 2-7.Assume that 2009 is the base year,with an index number = 100.What is the index number for the value of natural gas exports in 2012?

The table below shows hypothetical tuition costs at a Canadian university. TABLE 2-1 -Refer to Table 2-1.Assume that 2012 is used as the base year,with the index number = 100.The value of the index number in 2016 is

Negatively related variables change such that as the value of one variable

The scientific approach to economic inquiry involves

The table below shows hypothetical data for the volume of gold and nickel output across several years. TABLE 2-6 -Refer to Table 2-6.What is the index number for nickel output in Year 3?

The mathematical expression of a relationship between two or more variables is usually known as

On a coordinate graph with y on the vertical axis and x on the horizontal axis,suppose that two points on a straight line are (X = 4,Y = 5),and (X = 2,Y = 1).The slope of this line is

Of the following,which is the most important characteristic of a successful theory?

The table below shows hypothetical data for the volume of gold and nickel output across several years. TABLE 2-6 -Refer to Table 2-6.What is the index number for gold output in Year 8?

Which of the following is a normative statement?

Suppose an economist tells you that,on average,people in Canada have too much personal debt.This is an example of a(n) ________ statement

A positive statement is one that states

Economists build models that abstract from the complexities of reality because

An economist collects data comparing per-capita expenditures on health care across provinces and territories for the year 2015.The best way to illustrate this data is