Question 1

Figure 2-10
 
-Refer to Figure 2-10.The slope of the curve between points A and B is

Accepted Answer

The answer of Figure 2-10
 
-Refer to Figure 2-10.The slope...

Question 2

The ordered pair that represents the origin on a graph is

Accepted Answer

The origin on a graph represents the point where both the x and y axes intersect, and this point is (0, 0). Therefore, the correct pair is (0, 0), which corresponds to option B.

Question 3

A type of graph that can be used to display the relationship between two variables is

Accepted Answer

The best choice for displaying the relationship between two variables is the coordinate system, also known as a scatter plot. This type of graph allows for the plotting of data points and the examination of trends or patterns between the two variables. Pie charts would not be suitable for this type of analysis, as they are better for displaying proportions of a whole. Bar graphs could be used to compare different categories, but they do not show the relationship between two variables. A time-series graph plots data over time, so it is not the best choice for displaying the relationship between two variables.

Question 4

The y-coordinate is the

Accepted Answer

The y-coordinate is the second number of an ordered pair and represents the point's vertical location.

Question 5

Figure 2-9
 
-Refer to Figure 2-9.Cups of coffee per day and the hours that someone can go without sleep appear to have

Accepted Answer

A positive correlation means that as one variable increases, the other variable also increases. In this context, as the number of cups of coffee per day increases, the hours someone can go without sleep also increase.

Question 6

Figure 2-10
 
-Refer to Figure 2-10.The movement from point B to point C could have been caused by

Accepted Answer

As we move from point B to C, the quantity demanded of roses increases. This could be due to a change in income, which causes consumers to purchase more roses at every price level.

Question 7

Which of the following is a correct statement about slope?

Accepted Answer

Slope is defined as the change in y divided by the change in x. For a horizontal line, the change in y is zero, so the slope is zero. For a vertical line, the change in x is zero, resulting in a denominator of zero, which is undefined, or infinitely large. Therefore, a vertical line has an infinite slope, while a horizontal line has a zero slope. Option C correctly states that a horizontal line has a zero slope, and a vertical line has an infinite slope.

Question 8

The slope of a line is calculated by the

Accepted Answer

The slope of a line is the change in the value of y divided by the change in the value of x, which is represented by the formula (y2-y1)/(x2-x1). So, the correct choice is B.

Question 9

The x-coordinate is the

Accepted Answer

The x-coordinate is always the first number of an ordered pair and represents the point's horizontal location.

Question 10

Figure 2-10
 
-Refer to Figure 2-10.The curves shown are

Accepted Answer

Demand curves represent the relationship between the price of a good and the quantity demanded, which is typically what is depicted in economic figures like Figure 2-10.

Question 11

The use of the coordinate system allows

Accepted Answer

The coordinate system is used by economists to show the relationship between two variables on a single graph. It helps in displaying economic concepts such as demand and supply, production function, and cost curves. The other options, A, B, and D, are not accurate in describing the use of the coordinate system in economics.

Question 12

The slope of a straight line is calculated by

Accepted Answer

The slope of a straight line is determined by the change in y-coordinates (rise) divided by the change in x-coordinates (run), or rise/run. Therefore, choice A, rise divided by run, is the correct formula for calculating the slope of a straight line.

Question 13

A person who has fallen for the broken window fallacy might make which of the following claims?

Accepted Answer

The broken window fallacy asserts that destruction, such as a broken window, does not stimulate economic progress as it only results in replacing what was already there. Claim D exemplifies this by suggesting that the Hurricane Katrina's destruction actually had a positive impact on the economy due to the construction boom that followed, ignoring the fact that this was just replacing what had been destroyed and not actual progress.

Question 14

Figure 2-9
 
-Refer to Figure 2-9.Taking cause and effect into account,which of the following interpretations would be most reasonable regarding the relationship between coffee and hours without sleep?

Accepted Answer

The graph shows a positive correlation between the number of cups of coffee consumed per day and the hours a person can go without sleep. Therefore, it is reasonable to interpret that the more coffee a person drinks per day, the longer they can go without sleep.

Question 15

How did the influential economist John Maynard Keynes explain his remark that although economics is an easy subject compared with the higher branches of philosophy or pure science,it is a subject at which few excel?

Accepted Answer

Keynes believed that good economists must possess a rare combination of gifts, including the ability to think abstractly, grasp complex mathematical concepts, and understand human behavior and institutions. He believed that it was more difficult to excel in economics than in some other subjects, because it required mastery of multiple disciplines and ways of thinking. Therefore, he argued that while economics may be an easy subject in itself, it is difficult to excel in because of the range and depth of knowledge required.

Question 16

Figure 2-10
 
-Refer to Figure 2-10.The movement from point B to point C is a(n)

Accepted Answer

The answer of Figure 2-10
 
-Refer to Figure 2-10.The movement...

Question 17

An ordered pair is

Accepted Answer

An ordered pair is a pair of two numbers that are written in a specific order (x,y) and can be represented by a single point on a graph, where the first number represents the horizontal (x) coordinate and the second number represents the vertical (y) coordinate.

Question 18

John Maynard Keynes referred to economics as an easy subject,

Accepted Answer

In his book "The General Theory of Employment, Interest and Money," Keynes wrote: "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and social philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil." He also said, “The difficulty lies not in the new ideas, but in escaping the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds."

Question 19

Figure 2-9
 
-Refer to Figure 2-9.The graph shown is known as a

Accepted Answer

A scatterplot is a type of graph that uses Cartesian coordinates to display values for typically two variables for a set of data.

Question 20

Figure 2-10
 
-Refer to Figure 2-10.The movement from point A to point B is a(n)

Accepted Answer

The movement from point A to point B is a movement along the same curve, indicating a change in the quantity demanded of roses. Choice A (shift of the curve) and B (change in preferences) are not correct as there is no shift in the curve and no indication given of a change in preferences. Choice D (all of the above) is not correct as only C is the appropriate answer.

Quiz 2: Thinking Like an Economist

Figure 2-10 -Refer to Figure 2-10.The slope of the curve between points A and B is

The ordered pair that represents the origin on a graph is

A type of graph that can be used to display the relationship between two variables is

The y-coordinate is the

Figure 2-9 -Refer to Figure 2-9.Cups of coffee per day and the hours that someone can go without sleep appear to have

Figure 2-10 -Refer to Figure 2-10.The movement from point B to point C could have been caused by

Which of the following is a correct statement about slope?

The slope of a line is calculated by the

The x-coordinate is the

Figure 2-10 -Refer to Figure 2-10.The curves shown are

The use of the coordinate system allows

The slope of a straight line is calculated by

A person who has fallen for the broken window fallacy might make which of the following claims?

Figure 2-9 -Refer to Figure 2-9.Taking cause and effect into account,which of the following interpretations would be most reasonable regarding the relationship between coffee and hours without sleep?

How did the influential economist John Maynard Keynes explain his remark that although economics is an easy subject compared with the higher branches of philosophy or pure science,it is a subject at which few excel?

Figure 2-10 -Refer to Figure 2-10.The movement from point B to point C is a(n)

An ordered pair is

John Maynard Keynes referred to economics as an easy subject,

Figure 2-9 -Refer to Figure 2-9.The graph shown is known as a

Figure 2-10 -Refer to Figure 2-10.The movement from point A to point B is a(n)