Question 1

On a two-dimensional graph representing two variables:

Accepted Answer

A)  a positive slope of a curve means the variables are negatively related. 
B)  a negative slope of a curve means the two variables are positively related. 
C)  a line that is horizontal has a zero slope. 
D)  a line that is vertical has a zero slope. 
A)  a positive slope of a curve means the variables are negatively related. 
B)  a negative slope of a curve means the two variables are positively related. 
C)  a line that is horizontal has a zero slope. 
D)  a line that is vertical has a zero slope.

Question 2

Your boss asks you to graph company profits for the past 10 years.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 3

Use the following to answer questions :  
-(Figure: Demand and Supply of Shirts)Use Figure Demand and Supply of Shirts.If the line labeled S shows how many shirts per week will be offered for sale at various prices,then it is clear that,for supply,quantity and price are:

Accepted Answer

A)  the same. 
B)  positively related. 
C)  negatively related. 
D)  not related. 
A)  the same. 
B)  positively related. 
C)  negatively related. 
D)  not related.

Question 4

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 relationship between price on the vertical axis and quantity demanded 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 5

Use the following to answer questions :  
-(Figure: Labour Force Participation Rate)Use Figure: Labour Force Participation Rate.Using the figure,the labour force participation rate for women was _____ during 1970-1985 and _____ during 1998-2006.

Accepted Answer

A)  increasing;slightly decreasing 
B)  increasing;increasing 
C)  decreasing;increasing 
D)  decreasing;constant 
A)  increasing;slightly decreasing 
B)  increasing;increasing 
C)  decreasing;increasing 
D)  decreasing;constant

Question 6

If two variables are positively related:

Accepted Answer

A)  as one goes up in value,the other must go up in value,too. 
B)  as one goes up in value,the other must go down in value. 
C)  there is no relationship between the two. 
D)  one variable is always the reciprocal of the other. 
A)  as one goes up in value,the other must go up in value,too. 
B)  as one goes up in value,the other must go down in value. 
C)  there is no relationship between the two. 
D)  one variable is always the reciprocal of the other.

Question 7

A _____ graph shows how the value of one or more variables has changed over some period.

Accepted Answer

A)  linear 
B)  time-series 
C)  non-linear 
D)  periodic table 
A)  linear 
B)  time-series 
C)  non-linear 
D)  periodic table

Question 8

In a time-series graph,large changes can be made to appear insignificant by:

Accepted Answer

A)  changing the scale of the axes. 
B)  labeling more intervals. 
C)  defining the dependent variable. 
D)  defining the independent variable. 
A)  changing the scale of the axes. 
B)  labeling more intervals. 
C)  defining the dependent variable. 
D)  defining the independent variable.

Question 9

A linear curve has the same slope between every pair of points.

Accepted Answer

A) True 
 B)False

Question 10

If two variables are negatively related,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.

Question 11

Use the following to answer question 22: $$\begin{array}{l}
\text { Table: Wages and Hours Willing to Work }\
\begin{array} { l c c } 
\hline \text { Point } & \text { Wage } & \begin{array} { c } 
\text { Hours } \
\text { Worked }
\end{array} \
\hline \text { A } & 6 & 0 \
\text { B } & 8 & 5 \
\text { C } & 12 & 20 \
\text { D } & 20 & 40 \
\text { E } & 30 & 45 \
\hline
\end{array}
\end{array}$$
-(Table: Wages and Hours Willing to Work)Use Table: Wages and Hours Willing to Work.If it was graphed,the relationship between wage per hour and hours willing to work would be:

Accepted Answer

A)  linear. 
B)  coordinated. 
C)  non-linear. 
D)  negatively sloped. 
A)  linear. 
B)  coordinated. 
C)  non-linear. 
D)  negatively sloped.

Question 12

If two variables are negatively related:

Accepted Answer

A)  as one goes up in value,the other must go up in value,too. 
B)  as one goes up in value,the other must go down in value. 
C)  there is no relationship between the two. 
D)  one variable is always the reciprocal of the other. 
A)  as one goes up in value,the other must go up in value,too. 
B)  as one goes up in value,the other must go down in value. 
C)  there is no relationship between the two. 
D)  one variable is always the reciprocal of the other.

Question 13

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:

Accepted Answer

A)  the features of construction. 
B)  omitted variables. 
C)  reverse causality. 
D)  tangent lines. 
A)  the features of construction. 
B)  omitted variables. 
C)  reverse causality. 
D)  tangent lines.

Question 14

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.A linear relationship exists between:

Accepted Answer

A)  price and quantity demanded. 
B)  price and quantity supplied. 
C)  price and quantity demanded minus quantity supplied. 
D)  quantity demanded and quantity supplied. 
A)  price and quantity demanded. 
B)  price and quantity supplied. 
C)  price and quantity demanded minus quantity supplied. 
D)  quantity demanded and quantity supplied.

Question 15

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.Unemployment was _____ between 1/2001 and 1/2003 and _____ between 1/2007 and 1/2008.

Accepted Answer

A)  increasing;decreasing 
B)  increasing;increasing 
C)  decreasing;increasing 
D)  decreasing;decreasing 
A)  increasing;decreasing 
B)  increasing;increasing 
C)  decreasing;increasing 
D)  decreasing;decreasing

Question 16

The relation between two variables that move in opposite directions is said to be:

Accepted Answer

A)  independent. 
B)  positive. 
C)  direct. 
D)  negative. 
A)  independent. 
B)  positive. 
C)  direct. 
D)  negative.

Question 17

A bar graph:

Accepted Answer

A)  is useful when showing what has happened over time. 
B)  may be shown by vertical bars to illustrate the comparative sizes of different observations. 
C)  is useful when the true direction of causality between two variables is reversed. 
D)  shows the percentages of a total amount that can be attributed to various components. 
A)  is useful when showing what has happened over time. 
B)  may be shown by vertical bars to illustrate the comparative sizes of different observations. 
C)  is useful when the true direction of causality between two variables is reversed. 
D)  shows the percentages of a total amount that can be attributed to various components.

Question 18

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

Accepted Answer

A)  decreased by 30;decreased by 30 
B)  increased by 20;increased by 20 
C)  increased by 30;increased by 30 
D)  increased by 40;increased by 40 
A)  decreased by 30;decreased by 30 
B)  increased by 20;increased by 20 
C)  increased by 30;increased by 30 
D)  increased by 40;increased by 40

Question 19

Use the following to answer questions :  
-(Figure: Illustrating Slope)Use Figure: Illustrating Slope.In the graph,line 3 depicts X and Y to be:

Accepted Answer

A)  positively related. 
B)  unrelated. 
C)  negatively related. 
D)  both fixed in value. 
A)  positively related. 
B)  unrelated. 
C)  negatively related. 
D)  both fixed in value.

Question 20

Professor Macro wants to use a numerical graph to show the percentage of government spending accounted for by its various components.Which graph is MOST suitable for this purpose?

Accepted Answer

A)  a bar graph 
B)  a pie chart 
C)  a time-series graph 
D)  a scatter diagram 
A)  a bar graph 
B)  a pie chart 
C)  a time-series graph 
D)  a scatter diagram

On a two-dimensional graph representing two variables:

Your boss asks you to graph company profits for the past 10 years.The BEST way to show this information is with a(n):

Use the following to answer questions : -(Figure: Demand and Supply of Shirts)Use Figure Demand and Supply of Shirts.If the line labeled S shows how many shirts per week will be offered for sale at various prices,then it is clear that,for supply,quantity and price are:

Use the following to answer questions : -(Figure: Labour Force Participation Rate)Use Figure: Labour Force Participation Rate.Using the figure,the labour force participation rate for women was _ during 1970-1985 and _ during 1998-2006.

If two variables are positively related:

A _____ graph shows how the value of one or more variables has changed over some period.

In a time-series graph,large changes can be made to appear insignificant by:

A linear curve has the same slope between every pair of points.

If two variables are negatively related,they will always be represented by a:

If two variables are negatively related:

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:

The relation between two variables that move in opposite directions is said to be:

A bar graph:

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

Use the following to answer questions : -(Figure: Illustrating Slope)Use Figure: Illustrating Slope.In the graph,line 3 depicts X and Y to be:

Professor Macro wants to use a numerical graph to show the percentage of government spending accounted for by its various components.Which graph is MOST suitable for this purpose?

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

On a two-dimensional graph representing two variables:

Your boss asks you to graph company profits for the past 10 years.The BEST way to show this information is with a(n):

Use the following to answer questions : -(Figure: Demand and Supply of Shirts)Use Figure Demand and Supply of Shirts.If the line labeled S shows how many shirts per week will be offered for sale at various prices,then it is clear that,for supply,quantity and price are:

Use the following to answer questions : -(Figure: Labour Force Participation Rate)Use Figure: Labour Force Participation Rate.Using the figure,the labour force participation rate for women was _____ during 1970-1985 and _____ during 1998-2006.

If two variables are positively related:

A _____ graph shows how the value of one or more variables has changed over some period.

In a time-series graph,large changes can be made to appear insignificant by:

A linear curve has the same slope between every pair of points.

If two variables are negatively related,they will always be represented by a:

If two variables are negatively related:

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:

The relation between two variables that move in opposite directions is said to be:

A bar graph:

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

Use the following to answer questions : -(Figure: Illustrating Slope)Use Figure: Illustrating Slope.In the graph,line 3 depicts X and Y to be:

Professor Macro wants to use a numerical graph to show the percentage of government spending accounted for by its various components.Which graph is MOST suitable for this purpose?

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: Labour Force Participation Rate)Use Figure: Labour Force Participation Rate.Using the figure,the labour force participation rate for women was _ during 1970-1985 and _ during 1998-2006.

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