Q: Given two points on a line: $$(x_1$, y_1$) = (2, 5)$$ and $$(x_2$, y_2$) = (6, 13)$$, what is the slope of the line?

$$\\frac{13 - 5}{6 - 2} = \\frac{8}{4} = 2$$

Q: If the average slope of a curve between points B and C is calculated as $$\\frac{\\Delta y}{\\Delta x}$$, and $$y$$ increases from 3 to 8 as $$x$$ increases from 2 to 5, what is the average slope?

$$\\frac{8 - 3}{5 - 2} = \\frac{5}{3} \\approx 1.67$$

Question 1

Which of the following best describes a scatter diagram in economics?

Accepted Answer

A graph that shows the relationship between two variables by plotting the value of one variable against the value of another for several observations.

Question 2

Suppose the relationship between the price of ice cream and the quantity consumed is plotted for two different temperatures. If the temperature increases from $$21^\circC to$$ $$32^\circC$$, what happens to the curve?

Accepted Answer

The curve shifts rightward, indicating a higher quantity consumed at each price.

Question 3

What does the slope of a straight line represent in economic graphs?

Accepted Answer

The change in the variable on the y-axis divided by the change in the variable on the x-axis.

Question 4

Given two points on a line: $$(x_1$, y_1$) = (2, 5)$$ and $$(x_2$, y_2$) = (6, 13)$$, what is the slope of the line?

Accepted Answer

$$\frac{13 - 5}{6 - 2} = \frac{8}{4} = 2$$

Question 5

Which of the following is an example of a negative (inverse) relationship between two variables?

Accepted Answer

As the price of a product increases, the quantity demanded decreases.

Question 6

If a graph shows a line that is perfectly horizontal, what does this indicate about the relationship between the two variables?

Accepted Answer

The variable on the y-axis is unrelated to the variable on the x-axis.

Question 7

In the context of economic graphs, what does 'ceteris paribus' mean?

Accepted Answer

"All other relevant things remain the same."

Question 8

A curved line on a graph has a slope that:

Accepted Answer

Varies depending on the point at which it is measured.

Question 9

If the average slope of a curve between points B and C is calculated as $$\frac{\Delta y}{\Delta x}$$, and $$y$$ increases from 3 to 8 as $$x$$ increases from 2 to 5, what is the average slope?

Accepted Answer

$$\frac{8 - 3}{5 - 2} = \frac{5}{3} \approx 1.67$$

Question 10

Which of the following best describes a relationship that has a maximum?

Accepted Answer

The relationship is positive over part of its range and negative over the other part.

Question 11

A movie studio analyzes the relationship between production budget and box office revenue using a scatter diagram. The points show no clear pattern. What can the studio conclude?

Accepted Answer

There is no clear relationship between production budget and box office revenue.

Question 12

If a line on a graph slopes downward from left to right, what does this indicate?

Accepted Answer

A negative (inverse) relationship between the variables.

Question 13

Which of the following is NOT a pattern to look for in economic graphs?

Accepted Answer

Variables that always have a constant sum.

Question 14

Suppose you are analyzing the relationship between income and expenditure in Canada from 2011 to 2021. The scatter diagram shows that as income increases, expenditure also increases. What type of relationship is this?

Accepted Answer

A positive (direct) relationship.

Question 15

If the slope of a straight line is calculated as $$\frac{\Delta y}{\Delta x}$$ and $$\Delta y = -6$$, $$\Delta x = 3$$, what is the slope?

Accepted Answer

$$\frac{-6}{3} = -2$$

Question 16

When plotting the relationship between three variables, such as price, quantity, and temperature, how do economists typically represent this on a two-dimensional graph?

Accepted Answer

By holding one variable constant (ceteris paribus) and plotting the other two.

Question 17

Which of the following statements about the slope of a curved line is correct?

Accepted Answer

The slope at a point is equal to the slope of the tangent line at that point.

Question 18

If a graph shows that as the unemployment rate increases, inflation sometimes increases and sometimes decreases, what can you conclude about the relationship?

Accepted Answer

There is no clear relationship between unemployment and inflation.

Graphs in Economics: Foundations for Microeconomic Analysis

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