Exam 2: Economic Theories, Data, and Graphs

The table below shows hypothetical data for the volume of gold and nickel output across several years. TABLE 2-5 -Refer to Table 2-5. What is the index number for nickel output in Year 6?

Suppose we have data for 1000 students for a period of one year. The data show that those students who spend more hours studying have a higher grade point average GPA). We can say that

As a science, economics is disadvantaged in that

FIGURE 2-2 -Refer to Figure 2-2. The slope of curve C is

An assertion about the desirability of reducing unemployment by lowering payroll taxes is most likely

The table below shows hypothetical prices for a particular anatomy textbook at a university bookstore over several years. TABLE 2-4 -Refer to Table 2-4. The increase in the price of the textbook from 2012 to 2016 is

FIGURE 2-3 -At the minimum or the maximum of the graph of a non-linear function with x on the horizontal axis and y on the vertical axis) the marginal response of y to a small change in x is

On a coordinate graph with y on the vertical axis and x on the horizontal axis, suppose point A represents coordinates X = 5, Y = 6) and point B represents coordinates X = 2, Y = 3). Then the slope of the straight line joining points A and B is

Suppose an individual wheat farmerʹs income is influenced by the regionʹs average daily temperature. When examining the determinants of individual farmer income, the average daily temperature is an) variable.

A scientific prediction is

Which of the following pairs of words have similar meanings?

Suppose economists at the World Bank discover a positive correlation between family income and female education levels in developing countries. We can say that

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. Between Year 1 and Year 3, what is the percentage change in sales of e -books?

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 2014 is calculated as follows:

The table below shows hypothetical prices for a particular anatomy textbook at a university bookstore over several years. TABLE 2-4 -Refer to Table 2-4. Assume that 2016 is used as the base year, with the index number = 100. The value of the index number in 2012 is

FIGURE 2-1 -Suppose Ahmoud would spend $1200 per year on travel, even if his annual income were zero. As his income rises, he would spend 20% of each additional dollar of income on travel. Choose the correct mathematical equation that describes the functional relation between his travel spending T) and his income Y).

Data collected repeatedly over successive periods of time are called

FIGURE 2-2 -Refer to Figure 2-2. The slope of curve A is

If we seek to explain the number of seats sold on a particular air route, say Toronto to Halifax, over a one -year period, we would consider many variables. Which of the following variables would be endogenous to our theory?

When studying economic data, and when comparing the magnitude of changes in variables with different scales it is best to