Exam 2: Economic Theories,Data,and Graphs

The table below shows the approximate value of Canada's 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 percentage change in the value of exports of crude oil from 2012 to 2013?

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 percentage change in gold output from Year 1 to Year 7?

The table below shows hypothetical tuition costs at a Canadian university. TABLE 2-1 -Refer to Table 2-1.Assume that 2014 is used as the base year,with the index number = 100.The value of the index number in 2012 is calculated as follows:

Which of the following is a normative statement?

Choose the statement that best characterizes an economic theory.A valid theory

The table below shows hypothetical per-minute cell phone charges for "pay-and-talk" 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.What is the percentage change in the per-minute charge from 2011 to 2012?

The table below shows the approximate value of Canada's 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 percentage change in the value of exports of natural gas from 2012 to 2013?

On a coordinate graph with y on the vertical axis and x on the horizontal axis,what is the Y intercept of the function X = 60 + 3Y?

Which is the best description of positive statements? Positive statements

Figure 2-5 shows monthly average (per unit)production costs for producing Good X. FIGURE 2-5 -Refer to Figure 2-5.What is the slope of this non-linear function when 1200 units per month are being produced?

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

An economist has data showing household income and energy consumption for 10 000 Canadian households.The best way to illustrate these data is

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

Which of the following statements belongs more properly in the field of normative economics than positive economics?

When an increase in one variable is associated with an increase in a second variable,the two variables are

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 2?

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?

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

When an economist assumes that the owners of firms are motivated only by the desire to maximize profits,the economist most likely believes that

The statement that a country's rate of economic growth is influenced by its firms' investment behaviour is an example of a(n)