Question 1

Exhibit 2A-1 
-Exhibit 2A-1 is an example of a
A) bar chart.
B) scatter diagram.
C) pie chart.
D) time-series plot.
E) dual-scale diagram

Accepted Answer

Exhibit 2A-1 is described as an example, but without seeing it, a time-series plot is typically used to display data points at successive time intervals, showing trends over a period.

Question 2

Exhibit 2A-2 
-An inverse relationship between two variables indicates a
A) causation.
B) constant slope.
C) positive slope.
D) negative slope.

Accepted Answer

An inverse relationship between two variables means that as one variable increases, the other variable decreases. This is a negative slope, as shown in the exhibit, and does not indicate causation or a constant slope.

Question 3

Exhibit 2A-5 
-According to Exhibit 2A-5, the slope of line 1 may be 1.25, whereas the slope of line 2 may be .75.

Accepted Answer

The slope of line 1 appears to be 1.25, as it rises 5 units for every 4 units it runs. The slope of line 2 appears to be 0.75, as it rises 3 units for every 4 units it runs.

Question 4

Exhibit 2A-1 
-According to Exhibit 2A-1, in 2008 the
A) inflation rate was close to 5 percent, and the unemployment rate was about 7 percent.
B) unemployment rate and the inflation rate were equal.
C) inflation rate was close to 6 percent, and the unemployment rate was above 2 percent.
D) inflation rate was close to 2 percent, and the unemployment rate was close to 6 percent.
E) inflation rate was above 10 percent, and the unemployment rate was close to 2 percent.

Accepted Answer

The answer of Exhibit 2A-1 
-According to Exhibit 2A-1, in...

Question 5

Exhibit 2A-3 
-In Exhibit 2A-3, the curve shows
A) a constant relationship.
B) a direct relationship.
C) a straight-line relationship.
D) an inverse relationship.
E) normative economics.

Accepted Answer

The curve in Exhibit 2A-3 shows an inverse relationship where the increase in y-axis causes a decrease in the x-axis.

Question 6

Exhibit 2A-2 
-The slope of an inverse relationship
A) must be positive.
B) is calculated by dividing the variable on the horizontal axis by the variable on the vertical axis.
C) must be negative.
D) can never be measured.
E) must be constant everywhere along the curve.

Accepted Answer

The slope of an inverse relationship must be negative because as one variable increases, the other decreases, indicating a negative correlation between the two variables.

Question 7

Exhibit 2A-2 
-The type of chart shown in Exhibit 2A-2 is referred to as a
A) dual-scale diagram.
B) time-series graph.
C) bar chart.
D) pie chart.
E) scatter diagram.

Accepted Answer

The answer of Exhibit 2A-2 
-The type of chart shown...

Question 8

Exhibit 2A-2 
-Suppose in 2010, on average, 10 million people were unemployed. According to Exhibit 2A-2, how many of these people had been unemployed for less than five weeks?
A) 3.2 million
B) 3.3 million
C) 3.5 million
D) 32 million
E) 33 million

Accepted Answer

The answer of Exhibit 2A-2 
-Suppose in 2010, on average,...

Question 9

Exhibit 2A-4 
-Refer to Exhibit 2A-4. The slope of the relationship between X and Y is
A) positive.
B) negative.
C) zero.
D) infinity.
E) less than -1.

Accepted Answer

The slope of a relationship between two variables is determined by the direction of the line that represents their relationship on a graph. A positive slope means that as one variable increases, the other variable also increases. This is indicated by a line that moves upward as it goes from left to right.

Question 10

A curve shows that every time family income increases by $1, spending increases by $.75. This curve would
A) have a negative slope with decreasing absolute value.
B) have a positive slope with increasing absolute value.
C) have a negative slope with increasing absolute value.
D) have a positive slope with decreasing absolute value.
E) be a straight line with a positive slope.

Accepted Answer

The answer of A curve shows that every time family...

Question 11

A two-dimensional diagram can be represented by the
A) depth of this page.
B) length of this page.
C) surface of this page.
D) volume of a book.
E) width of this page.

Accepted Answer

A two-dimensional diagram exists only on a flat surface, which is the surface of the page.

Question 12

A relationship showing that exam grades are positively related to hours of study can be described by a curve that
A) slopes downward.
B) is horizontal.
C) has a negative slope with increasing absolute value.
D) slopes upward.
E) has a negative slope with decreasing absolute value.

Accepted Answer

The answer of A relationship showing that exam grades are...

Question 13

Exhibit 2A-5 
-Refer to Exhibit 2A-5. The movement from C to B is called a
A) change in dimension.
B) shift in the relationship between X and Y.
C) movement along the curve.
D) parallel change.
E) constant.

Accepted Answer

The answer of Exhibit 2A-5 
-Refer to Exhibit 2A-5. The...

Question 14

Suppose a curve shows that every time family income increases by $1, spending increases by $.75. If spending increases by $500, then income increased by
A) $667.
B) $500.
C) $375.
D) $125.

Accepted Answer

If for every $1 increase in income, spending increases by $0.75, then for a $500 increase in spending, the income would have to increase by $\frac{500}{0.75}$ = $667. Therefore, the correct answer is choice A.

Question 15

According to Exhibit 2A-3, which of the following is true?
A) The magnitude of the slope at point B is the same as it is at point A.
B) The magnitude of the slope at point A is less than the magnitude of the slope at point B.
C) The slope at point A is negative, whereas the slope at point B is positive.
D) The magnitude of the slope at point B is less than the magnitude of the slope at point A.
E) The magnitude of the slope at point A is greater than the magnitude of the slope at point B.

Accepted Answer

The answer of According to Exhibit 2A-3, which of the...

Question 16

Exhibit 2A-5 
-Refer to Exhibit 2A-5. The movement from A to B is called a
A) change in dimension.
B) shift in the curve.
C) movement along the curve.
D) change in the intercept.
E) change in the slope.

Accepted Answer

The movement from A to B is a movement along the curve, because it represents a change in quantity demanded (from Q1 to Q2) due to a change in price (from P1 to P2), while holding all other factors that affect demand constant. It does not involve any change in the shape or position of the curve itself, which would be a shift in the curve. It also does not involve a change in intercept or slope, which would require a different equation or relationship.

Question 17

Exhibit 2A-3 
-In Exhibit 2A-3, the curve has a
A) positive slope with decreasing absolute value.
B) negative slope with decreasing absolute value.
C) negative slope with increasing absolute value.
D) constant negative slope.
E) positive slope with increasing absolute value.

Accepted Answer

A curve with a negative slope that has an increasing absolute value is becoming steeper as it moves along the axes, indicating that for every unit increase in the x-direction, the decrease in the y-direction is getting larger, which is characteristic of a curve with a negative slope whose steepness increases.

Question 18

Exhibit 2A-4 
-The curve in Exhibit 2A-4 represents a(n)
A) negative slope.
B) slope that is constant and positive.
C) slope that is not constant and positive.
D) inverse relationship.
E) slope that is constant.

Accepted Answer

The curve in Exhibit 2A-4 is not a straight line, indicating that the slope is not constant. It is also sloping upwards from left to right, indicating a positive relationship. Therefore, the best choice is C, which states that the slope is not constant but still positive.

Question 19

Suppose a curve shows that every time family income increases by $1, spending increases by $.75. If family income increases by $500, then spending will increase by
A) $667.
B) $125.
C) $375.
D) $500.

Accepted Answer

If every time family income increases by $1, spending increases by $.75, then for every $100 increase in income, spending will increase by $75. Therefore, for a $500 increase in income, spending will increase by $375 (i.e. $75 x 5). Thus, the answer is C, $375.

Question 20

Exhibit 2A-4 
-Refer to Exhibit 2A-4. Which of the following statements is true?
A) The slope at point B is greater than the slope at point A.
B) The slope at point A is less than the slope at point B.
C) The slope at point A is greater than the slope at point B.
D) The slope at point B is the same as the slope at point A.
E) The slope at point A is negative, whereas the slope at point B is positive.

Accepted Answer

The slope at a point on a curve represents the rate of change at that point. If the slope at point A is steeper than at point B, it means the rate of change at A is greater than at B, hence the slope at point A is greater than the slope at point B.

Quiz 17: Reading, Understanding, and Creating Graphs

Exhibit 2A-1 -Exhibit 2A-1 is an example of a

Exhibit 2A-2 -An inverse relationship between two variables indicates a

Exhibit 2A-5 -According to Exhibit 2A-5, the slope of line 1 may be 1.25, whereas the slope of line 2 may be .75.

Exhibit 2A-1 -According to Exhibit 2A-1, in 2008 the

Exhibit 2A-3 -In Exhibit 2A-3, the curve shows

Exhibit 2A-2 -The slope of an inverse relationship

Exhibit 2A-2 -The type of chart shown in Exhibit 2A-2 is referred to as a

Exhibit 2A-2 -Suppose in 2010, on average, 10 million people were unemployed. According to Exhibit 2A-2, how many of these people had been unemployed for less than five weeks?

Exhibit 2A-4 -Refer to Exhibit 2A-4. The slope of the relationship between X and Y is

A curve shows that every time family income increases by $1, spending increases by $.75. This curve would

A two-dimensional diagram can be represented by the

A relationship showing that exam grades are positively related to hours of study can be described by a curve that

Exhibit 2A-5 -Refer to Exhibit 2A-5. The movement from C to B is called a

Suppose a curve shows that every time family income increases by $1, spending increases by $.75. If spending increases by $500, then income increased by

According to Exhibit 2A-3, which of the following is true?

Exhibit 2A-5 -Refer to Exhibit 2A-5. The movement from A to B is called a

Exhibit 2A-3 -In Exhibit 2A-3, the curve has a

Exhibit 2A-4 -The curve in Exhibit 2A-4 represents a(n)

Suppose a curve shows that every time family income increases by $1, spending increases by $.75. If family income increases by $500, then spending will increase by

Exhibit 2A-4 -Refer to Exhibit 2A-4. Which of the following statements is true?