Question 1

Given the data in Table 1A.4.2,holding income constant,the graph relating the price of strawberries,measured on the y-axis and the purchases of strawberries,measured on the x-axis

Accepted Answer

Holding income constant, the Law of Demand implies that as the price of strawberries increases, the quantity demanded of strawberries will decrease. Therefore, the graph relating the price of strawberries (y-axis) to the purchases of strawberries (x-axis) will be a negatively sloped line.

Question 2

If the equation of a straight line is y = 6 + 3x,then the slope is

Accepted Answer

The slope-intercept form of the equation of a straight line is y = mx + b, where m is the slope and b is the y-axis intercept. Comparing the given equation y = 6 + 3x with the slope-intercept form, we see that the slope is 3 and the y-axis intercept is 6. Therefore, the correct answer is C.

Question 3

Use the figure below to answer the following questions.  Figure 1A.4.3
-In Figure 1A.4.3,x is

Accepted Answer

As x increases, y decreases, indicating a negative relationship, and z increases, indicating a positive relationship. Therefore, x is negatively related to y and positively related to z.

Question 4

Use the figure below to answer the following questions.  Figure 1A.4.5
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
 Refer to Figure 1A.4.5.Which line shows the relationship of cola sales and its price when the temperature is 30°C?

Accepted Answer

The answer of Use the figure below to answer the...

Question 5

Use the table below to answer the following questions.
Table 1A.4.2 
-Table 1A.4.2 shows that

Accepted Answer

The correct choice indicates that as the price of strawberries decreases, the number of boxes purchased increases, assuming income remains constant. This is a typical example of the law of demand, which states that there is an inverse relationship between the price of a good and the quantity demanded, all else being equal.

Question 6

Use the figure below to answer the following questions.  Figure 1A.4.3
-In Figure 1A.4.3,a decrease in the value of z results in,ceteris paribus,

Accepted Answer

A decrease in the value of z will cause a decrease in the value of x, as they are inversely related.

Question 7

Use the figure below to answer the following questions.  Figure 1A.4.5
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
 Refer to Figure 1A.4.5.Which line shows the relationship of cola sales and the temperature when the price of a case is $15.00?

Accepted Answer

The answer of Use the figure below to answer the...

Question 8

The equation of a line is y = 4 + 2x.What is the y-axis intercept of this line?

Accepted Answer

The y-axis intercept is the value of y when x=0. Plugging in x=0 to the equation we get y=4+2(0)=4. Therefore, the y-axis intercept is 4.

Question 9

Use the figure below to answer the following question.  Figure 1A.5.1
-The equation of the line in Figure 1A.5.1 is

Accepted Answer

We can determine the equation of a line using the slope-intercept form, y = mx + b, where m is the slope of the line and b is the y-intercept. In Figure 1A.5.1, we can see that the y-intercept is 1.5 and the slope is 0.5. Therefore, the equation of the line is y = 0.5x + 1.5, which is equivalent to y = 1.5 + 0.5x. Choice C is the best choice as it represents the equation in the standard form of y = mx + b.

Question 10

The equation of a line is y = 4 + 2x.What is the x-axis intercept of this line?

Accepted Answer

The answer of The equation of a line is y...

Question 11

Use the table below to answer the following question.
Table 1A.4.3
 
-Refer to Table 1A.4.3.The table shows some data on the quantity of ice cream consumed at different prices and in different weather conditions.To draw a graph of the relationship between the quantity of the ice cream consumed and the price of ice cream,we must

Accepted Answer

To draw a graph of the relationship between the quantity of ice cream consumed and the price of ice cream, we need to hold the temperature constant at any of the four levels shown in the table. This is because we want to isolate the effect of the price of ice cream on the quantity consumed, and holding the temperature constant allows us to do that. If we were to increase or decrease the temperature as the price rises, we would introduce a confounding variable that would make it difficult to draw meaningful conclusions about the relationship between price and quantity consumed. Similarly, picking a specific temperature that prevailed when the price was $2.00 or holding the price constant at any of the five levels shown would not allow us to isolate the effect of price on quantity consumed.

Question 12

Use the figure below to answer the following question.  Figure 1A.5.2
-If the line in Figure 1A.5.2 were to continue down to the x-axis,what would the value of x be when y is zero?

Accepted Answer

The slope of the line is negative, indicating that as x increases, y decreases. When y is 0, the line intersects the x-axis. By visually estimating or calculating the slope and y-intercept from the given figure (not provided here), one can determine that the x-value at this point is negative. Among the options, -2/3 is the only negative value that fits this description, assuming the line's linear equation leads to this x-value when y is set to zero.

Question 13

If the equation of a straight line is y = 8 - 2x,then the slope is

Accepted Answer

The equation y = 8 - 2x is in the slope-intercept form y = mx + c, where m is the slope. Thus, the slope is -2. To find the x-intercept, set y to 0 and solve for x: 0 = 8 - 2x, which gives x = 4.

Question 14

Use the figure below to answer the following questions.  Figure 1A.4.5
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
 Refer to Figure 1A.4.5.Which one of the following represents what happens when the temperature rises from 20°C to 25°C?

Accepted Answer

According to the graph, as temperature increases from 20°C to 25°C, the demand for cola decreases, causing the curve to shift to the left from point B to point C.

Question 15

Use the figure below to answer the following question.  Figure 1A.4.4
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
 Cola sales and temperature are

Accepted Answer

From the graph, we can see that as the temperature increases, the number of cases sold also increases. This indicates a positive relationship between cola sales and temperature. The price per case is not given any significance in this relationship, so we cannot conclude whether it is affected or not. Therefore, the best choice is B, positively related.

Question 16

Use the figure below to answer the following question.  Figure 1A.4.4
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
 Cola sales and cola prices are

Accepted Answer

Based on the figure, as the price of cola increases, the number of cases sold decreases. This indicates an inverse relationship between cola sales and cola prices.

Question 17

The Latin term ceteris paribus means

Accepted Answer

Ceteris paribus is a Latin term used in economics which means "all other things being equal" or "if all other relevant things remain the same." It is often used when analyzing the relationship between two variables while assuming that no other factors are changing.

Question 18

Given the data in Table 1A.4.2,suppose family income decreases from $400 to $300 per week.Then the graph relating the price of strawberries,measured on the y-axis and the number of boxes of strawberries purchased,measured on the x-axis will

Accepted Answer

A decrease in family income, assuming strawberries are a normal good, would lead to a decrease in the quantity of strawberries purchased at any given price. This is represented graphically by a leftward shift of the demand curve, not by a change in its slope.

Question 19

Given the data in Table 1A.4.2,holding price constant,the graph of the purchases of strawberries,measured on the x-axis and family income,measured on the y-axis is a

Accepted Answer

The graph described would show the relationship between family income and the quantity of strawberries purchased, holding price constant. This suggests that as family income increases, the quantity of strawberries purchased is likely to increase as well, indicating a positive relationship between income and quantity demanded. This is characteristic of a normal good, where demand increases as income increases, hence a positively sloped line.

Question 20

Use the figure below to answer the following question.  Figure 1A.4.4
-Complete the following sentence.In Figure 1A.4.4,z is

Accepted Answer

From the graph, as x increases, z decreases and as y increases, z increases. This indicates a negative relationship between x and z and a positive relationship between y and z. Therefore, z is negatively related to x and positively related to y. Choice B is the best answer.

Quiz 1: What Is Economics

Given the data in Table 1A.4.2,holding income constant,the graph relating the price of strawberries,measured on the y-axis and the purchases of strawberries,measured on the x-axis

If the equation of a straight line is y = 6 + 3x,then the slope is

Use the figure below to answer the following questions. Figure 1A.4.3 -In Figure 1A.4.3,x is

Use the table below to answer the following questions. Table 1A.4.2 -Table 1A.4.2 shows that

Use the figure below to answer the following questions. Figure 1A.4.3 -In Figure 1A.4.3,a decrease in the value of z results in,ceteris paribus,

The equation of a line is y = 4 + 2x.What is the y-axis intercept of this line?

Use the figure below to answer the following question. Figure 1A.5.1 -The equation of the line in Figure 1A.5.1 is

The equation of a line is y = 4 + 2x.What is the x-axis intercept of this line?

Use the figure below to answer the following question. Figure 1A.5.2 -If the line in Figure 1A.5.2 were to continue down to the x-axis,what would the value of x be when y is zero?

If the equation of a straight line is y = 8 - 2x,then the slope is

Use the figure below to answer the following question. Figure 1A.4.4 -Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case) Cola sales and temperature are

Use the figure below to answer the following question. Figure 1A.4.4 -Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case) Cola sales and cola prices are

The Latin term ceteris paribus means

Given the data in Table 1A.4.2,suppose family income decreases from $400 to $300 per week.Then the graph relating the price of strawberries,measured on the y-axis and the number of boxes of strawberries purchased,measured on the x-axis will

Given the data in Table 1A.4.2,holding price constant,the graph of the purchases of strawberries,measured on the x-axis and family income,measured on the y-axis is a

Use the figure below to answer the following question. Figure 1A.4.4 -Complete the following sentence.In Figure 1A.4.4,z is