Exam 32: Graphs in Economics

Use the following to answer questions Figure: Unemployment Rate over Time -(Figure: Unemployment Rate over Time) Look at the figure Unemployment Rate over Time. In the time-series graph, as we move from 1991 to 1993, we see that the unemployment rate has _____ from approximately _____ to approximately _____.

Use the following to answer questions Figure: Labor Force Participation Rate -(Figure: Labor Force Participation Rate) Look at the figure Labor Force Participation Rate. Using the figure, the labor force participation rate for women was ______ during 1970-1985 and ______ during 1998-2006.

Use the following to answer questions Table: Wages and Hours Willing to Work -(Table: Wages and Hours Willing to Work) Look at the table Wages and Hours Willing to Work. If it was graphed, the relationship between wage per hour and hours willing to work would be:

Use the following to answer questions Figure: Demand and Supply of Shirts -(Figure: Demand and Supply of Shirts) Look at the figure Demand and Supply of Shirts. In the graph, if the line labeled D shows how many shirts per week will be demanded at various prices, then it is clear that as the price of shirts falls:

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

Use the following to answer questions Figure: Seasonally Adjusted Unemployment Rate -(Figure: Seasonally Adjusted Unemployment Rate) Look at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. Unemployment was ______ between 1/2001 and 1/2003 and ______ between 1/2007 and 1/2008.

A bar graph:

An economist wishes to build a model to explain the relationship between the number of diamonds purchased every year and the average income of consumers in that year. Which variable should be the dependent variable and which should be the independent variable? All else equal, do you expect this relationship to be positive or negative? Explain.

Use the following to answer questions Figure: Slope -(Figure: Slope) Look at the figure Slope. In the graph, the slope of the line between points A and B is:

Use the following to answer questions Figure: Hot Drinks Sold and Temperature -(Figure: Hot Drinks Sold and Temperature) Look at the figure Hot Drinks Sold and Temperature. If we move from point L to point M in the figure, the outside temperature has ______ degrees and the number of hot drinks sold has ______.

Use the following to answer questions Figure: Unemployment Rate over Time -(Figure: Unemployment Rate over Time) Look at the figure Unemployment Rate over Time. In the time-series graph, as we move from 1993 to 1995, we see that the unemployment rate has _____ from approximately _____ to approximately _____.

A positive relationship between swimsuits purchased and ice cream purchased could be the result of:

Use the following to answer questions Figure: Consumption of Pizza and Tacos -(Figure: Consumption of Pizza and Tacos) Look at the figure Consumption of Pizza and Tacos. The figure shows the number of tacos and pizza slices Matt can eat in a day. The relation is nonlinear, and there is a negative relation between the number of tacos and pizza slices that Matt can eat in a day.

In the graph of a curve, the vertical intercept is:

Use the following to answer questions Figure: Consumption of Pizza and Tacos -(Figure: Consumption of Pizza and Tacos) Look at the figure Consumption of Pizza and Tacos. The figure shows the number of tacos and pizza slices Matt can eat in a day. The best estimate of the slope between point A and point B is -4.

Use the following to answer questions Figure: Good X and Good Y -(Figure: Good X and Good Y) Look at the 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.

Use the following to answer questions Figure: Cold Drinks Sold and Temperature -(Figure: Cold Drinks Sold and Temperature) Look at the 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 ______.

Taylor sees a bar graph showing the average weight of adult males over the past 200 years and concludes that men get more obese over time. Taylor's conclusion may be wrong, since she did not consider:

Use the following to answer questions Table: Wages and Hours Willing to Work -(Table: Wages and Hours Willing to Work) Look at the table Wages and Hours Willing to Work, which shows data on wage per hour and the number of hours someone is willing to work. Which variable would economists put on the vertical axis?

Use the following to answer questions Figure: Seasonally Adjusted Unemployment Rate -(Figure: Seasonally Adjusted Unemployment Rate) Look at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. Unemployment was ______ between 1/2001 and 1/2002 and ______ between 1/1999 and 1/2000.