Question 1

The relation between two variables that move in the same direction is said to be:

Accepted Answer

A)  independent. 
B)  neutral. 
C)  positive. 
D)  indirect. 
A)  independent. 
B)  neutral. 
C)  positive. 
D)  indirect. C

Question 2

If two variables are positively related,on a graph they will always be represented by a:

Accepted Answer

A)  line or curve that slopes downward. 
B)  straight line. 
C)  horizontal line. 
D)  line or curve that slopes upward. 
A)  line or curve that slopes downward. 
B)  straight line. 
C)  horizontal line. 
D)  line or curve that slopes upward. D

Question 3

The scaling of the axes of a time-series graph:

Accepted Answer

A)  is not a critical element in presenting the intended information. 
B)  may change the visual interpretation of the data. 
C)  generally places the time period on the vertical axis. 
D)  generally puts values of a variable,such as the unemployment rate,on the vertical axis. 
A)  is not a critical element in presenting the intended information. 
B)  may change the visual interpretation of the data. 
C)  generally places the time period on the vertical axis. 
D)  generally puts values of a variable,such as the unemployment rate,on the vertical axis. B

Question 4

Use the following to answer questions :  
-(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has _____ from approximately _____% to approximately _____%.

Accepted Answer

A)  decreased;5;4 
B)  increased;5.3;7.3 
C)  decreased;7.8;5.5 
D)  increased;4;6.3 
A)  decreased;5;4 
B)  increased;5.3;7.3 
C)  decreased;7.8;5.5 
D)  increased;4;6.3

Question 5

Use the following to answer questions :  
-(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point B to point C in the figure,the x-variable has _____ units and the y-variable has _____ units.

Accepted Answer

A)  decreased by 2;increased by 15 
B)  increased by 2;decreased by 15 
C)  decreased by 15;increased by 2 
D)  increased by 15;decreased by 2 
A)  decreased by 2;increased by 15 
B)  increased by 2;decreased by 15 
C)  decreased by 15;increased by 2 
D)  increased by 15;decreased by 2

Question 6

The fact that two variables always move together over time:

Accepted Answer

A)  does not prove that one of the variables is dependent on the other. 
B)  proves that one of the variables is dependent on the other. 
C)  proves that changes in one variable cause changes in the other. 
D)  is often illustrated or depicted using either a pie chart or a bar chart. 
A)  does not prove that one of the variables is dependent on the other. 
B)  proves that one of the variables is dependent on the other. 
C)  proves that changes in one variable cause changes in the other. 
D)  is often illustrated or depicted using either a pie chart or a bar chart.

Question 7

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

Accepted Answer

A)  value of the y-variable when the value of the x-variable is equal to zero. 
B)  change in the y-variable between two points divided by the change in the x-variable between those same two points. 
C)  value of the y-variable when the value of the slope is equal to zero. 
D)  value of the x-variable when the value of the y-variable is equal to zero. 
A)  value of the y-variable when the value of the x-variable is equal to zero. 
B)  change in the y-variable between two points divided by the change in the x-variable between those same two points. 
C)  value of the y-variable when the value of the slope is equal to zero. 
D)  value of the x-variable when the value of the y-variable is equal to zero.

Question 8

Use the following to answer questions :  
-(Figure: Slope)Use Figure: Slope.The slope of the line in the graph can be calculated by:

Accepted Answer

A)  dividing the horizontal change by the vertical change. 
B)  dividing the vertical change by the horizontal change. 
C)  subtracting the sum of the Y values from the sum of the X values. 
D)  adding the sum of the X values to the sum of the Y values. 
A)  dividing the horizontal change by the vertical change. 
B)  dividing the vertical change by the horizontal change. 
C)  subtracting the sum of the Y values from the sum of the X values. 
D)  adding the sum of the X values to the sum of the Y values.

Question 9

Use the following to answer questions :  
-(Figure: Seasonally Adjusted Unemployment Rate)Use Figure: Seasonally Adjusted Unemployment Rate.The distance between each labeled point on the horizontal axis is 1 year,and the distance between each labeled point on the vertical axis is 1 percentage point of unemployment.What is the approximate slope of the graph between 1/2004 and 1/2006 (using percentage point and years as the units on the vertical and horizontal axes,respectively)?

Accepted Answer

A)  1/2 
B)  1 
C)  -1/2 
D)  -2 
A)  1/2 
B)  1 
C)  -1/2 
D)  -2

Question 10

Use the following to answer questions :  
-(Figure: Unemployment Rate over Time)Use 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 _____%.

Accepted Answer

A)  decreased;5;4 
B)  increased;5.3;7.3 
C)  decreased;7;5.5 
D)  increased;4;6.3 
A)  decreased;5;4 
B)  increased;5.3;7.3 
C)  decreased;7;5.5 
D)  increased;4;6.3

Question 11

Use the following to answer questions :  
-(Figure: Demand and Supply of Shirts)Use 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:

Accepted Answer

A)  fewer shirts will be demanded. 
B)  more shirts will be demanded. 
C)  the same quantity of shirts will be demanded. 
D)  it is unclear what will happen to the quantity of shirts demanded. 
A)  fewer shirts will be demanded. 
B)  more shirts will be demanded. 
C)  the same quantity of shirts will be demanded. 
D)  it is unclear what will happen to the quantity of shirts demanded.

Question 12

The owner of the Dismal Philosopher,one of the five bookstores on University Road,asks you to make a graph showing each College Road bookstore's share of all five stores' book purchases.The BEST way to show this information is with a(n):

Accepted Answer

A)  scatter diagram. 
B)  pie chart. 
C)  time-series graph. 
D)  independent graph. 
A)  scatter diagram. 
B)  pie chart. 
C)  time-series graph. 
D)  independent graph.

Question 13

Use the following to answer questions : $$\begin{array}{l}
\text { Table: Price, Quantity Demanded, and Quantity Supplied }\
\begin{array} { l r r r r r } 
\hline \text { Price } & \mathbf { 1 } & \mathbf { 2 } & \mathbf { 3 } & \mathbf { 4 } & \mathbf { 5 } \
\hline \text { Quantity demanded } & 16 & 8 & 4 & 2 & 1 \
\text { Quantity supplied } & 3 & 5 & 7 & 9 & 11 \
\hline
\end{array}
\end{array}$$
-(Table: Price,Quantity Demanded,and Quantity Supplied)Use Table: Price,Quantity Demanded,and Quantity Supplied.The slope of the line representing the relation between price on the vertical axis and quantity supplied on the horizontal axis is:

Accepted Answer

A)  equal to 1/2. 
B)  equal to 1. 
C)  equal to 2. 
D)  different at different points on the line. 
A)  equal to 1/2. 
B)  equal to 1. 
C)  equal to 2. 
D)  different at different points on the line.

Question 14

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

Accepted Answer

A)  decreased by 2;increased by 15 
B)  increased by 2;decreased by 15 
C)  decreased by 15;increased by 2 
D)  increased by 15;decreased by 2 
A)  decreased by 2;increased by 15 
B)  increased by 2;decreased by 15 
C)  decreased by 15;increased by 2 
D)  increased by 15;decreased by 2

Question 15

Use the following to answer question 19: $$\begin{array}{l}
\text { Table: Hours Studied and Quiz Score }\
\begin{array} { c c } 
\hline \begin{array} { c } 
\text { Hours Studied for } \
\text { Economics Quiz }
\end{array} & \begin{array} { c } 
\text { Score on the Economics Quiz } \
\text { (maximum 10 points) }
\end{array} \
\hline 0 & 2 \
1 & 4 \
2 & 6 \
3 & 8 \
4 & 10 \
\hline
\end{array}
\end{array}$$
-(Table: Hours Studied and Quiz Score)Use Table: Hours Studied and Quiz Score.The table shows data for students in an economics class.If we were to graph these data and draw a line through the points,we would choose _____ to be the independent variable;the vertical intercept of our line would be _____;and the slope of our line would be _____.

Accepted Answer

A)  quiz score;y = 2;-2 
B)  quiz score;x = 0;-2 
C)  hours studied;y = 0;+2 
D)  hours studied;y = 2;+2 
A)  quiz score;y = 2;-2 
B)  quiz score;x = 0;-2 
C)  hours studied;y = 0;+2 
D)  hours studied;y = 2;+2

Question 16

The _____ of a curve shows the point at which the curve intersects an axis.

Accepted Answer

A)  slope 
B)  steepness 
C)  intercept 
D)  origin 
A)  slope 
B)  steepness 
C)  intercept 
D)  origin

Question 17

Use the following to answer questions :  
-(Figure: Unemployment Rate over Time)Use 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 _____%.

Accepted Answer

A)  decreased;5;4 
B)  increased;5.5;7 
C)  decreased;7.8;5 
D)  increased;4;6.3 
A)  decreased;5;4 
B)  increased;5.5;7 
C)  decreased;7.8;5 
D)  increased;4;6.3

Question 18

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

Accepted Answer

A)  +8. 
B)  -8. 
C)  -2. 
D)  +2. 
A)  +8. 
B)  -8. 
C)  -2. 
D)  +2.

Question 19

The owner of the Dismal Philosopher,one of the five bookstores on University Road,asks you to make a graph showing each University Road bookstore's share of all five stores' book purchases.A good way to show this information is with a pie chart.

Accepted Answer

A) True 
 B)False

Question 20

A pie chart is used to depict information about:

Accepted Answer

A)  the relative shares of categories of data. 
B)  the changes of a particular variable over time. 
C)  positive,not negative,relationships among variables. 
D)  the changes of a particular variable over time and positive relationships. 
A)  the relative shares of categories of data. 
B)  the changes of a particular variable over time. 
C)  positive,not negative,relationships among variables. 
D)  the changes of a particular variable over time and positive relationships.

The relation between two variables that move in the same direction is said to be:

If two variables are positively related,on a graph they will always be represented by a:

The scaling of the axes of a time-series graph:

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has ___ from approximately _% to approximately ___%.

Use the following to answer questions : -(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point B to point C in the figure,the x-variable has _ units and the y-variable has _ units.

The fact that two variables always move together over time:

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

Use the following to answer questions : -(Figure: Slope)Use Figure: Slope.The slope of the line in the graph can be calculated by:

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use 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 ___%.

Use the following to answer questions : -(Figure: Demand and Supply of Shirts)Use 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:

The owner of the Dismal Philosopher,one of the five bookstores on University Road,asks you to make a graph showing each College Road bookstore's share of all five stores' book purchases.The BEST way to show this information is with a(n):

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

The _____ of a curve shows the point at which the curve intersects an axis.

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use 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: Slope)Use Figure: Slope.In the graph,the slope of the line between points A and B is:

The owner of the Dismal Philosopher,one of the five bookstores on University Road,asks you to make a graph showing each University Road bookstore's share of all five stores' book purchases.A good way to show this information is with a pie chart.

A pie chart is used to depict information about:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Consumer Preferences

Indifference Curve Analysis

Filters

Exam 21: Graphs in Economics

The relation between two variables that move in the same direction is said to be:

If two variables are positively related,on a graph they will always be represented by a:

The scaling of the axes of a time-series graph:

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has _____ from approximately _____% to approximately _____%.

Use the following to answer questions : -(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point B to point C in the figure,the x-variable has _____ units and the y-variable has _____ units.

The fact that two variables always move together over time:

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

Use the following to answer questions : -(Figure: Slope)Use Figure: Slope.The slope of the line in the graph can be calculated by:

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use 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 _____%.

Use the following to answer questions : -(Figure: Demand and Supply of Shirts)Use 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:

The owner of the Dismal Philosopher,one of the five bookstores on University Road,asks you to make a graph showing each College Road bookstore's share of all five stores' book purchases.The BEST way to show this information is with a(n):

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

The _____ of a curve shows the point at which the curve intersects an axis.

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use 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: Slope)Use Figure: Slope.In the graph,the slope of the line between points A and B is:

The owner of the Dismal Philosopher,one of the five bookstores on University Road,asks you to make a graph showing each University Road bookstore's share of all five stores' book purchases.A good way to show this information is with a pie chart.

A pie chart is used to depict information about:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Consumer Preferences

Indifference Curve Analysis

Filters

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use Figure: Unemployment Rate over Time.In the time-series graph,as we move from 1997 to 2001,we see that the unemployment rate has ___ from approximately _% to approximately ___%.

Use the following to answer questions : -(Figure: Good X and Good Y)Use Figure: Good X and Good Y.If we move from point B to point C in the figure,the x-variable has _ units and the y-variable has _ units.

Use the following to answer questions : -(Figure: Unemployment Rate over Time)Use 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 ___%.

Use the following to answer questions : -(Figure: Good X and Good Y)Use 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: Unemployment Rate over Time)Use 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 ___%.