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Graphing Review quiz

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  • Which axis is typically labeled as price and which as quantity in economics graphs?
    In economics, the y-axis is labeled as price and the x-axis as quantity.
  • What is the first step when plotting a point from a demand schedule onto a graph?
    Label the axes with price on the y-axis and quantity on the x-axis, then find the corresponding values to plot the point.
  • When connecting plotted points to form a curve, in which direction should you connect them?
    You should connect the points from the leftmost point to the rightmost point, moving left to right.
  • How do you visually shift a curve to the right on a graph?
    Move each point of the curve the desired number of units to the right and redraw the curve parallel to the original.
  • What does the slope of a line represent in economics?
    The slope represents the rate of change, showing how much the y-variable changes for each one-unit increase in the x-variable.
  • How do you calculate the slope of a straight line on a graph?
    Use the formula rise over run, which is the change in y divided by the change in x between two points.
  • What is the difference between a positive and a negative slope on a graph?
    A positive slope means the line goes uphill from left to right, while a negative slope means it goes downhill.
  • How do you find the slope at a specific point on a curve that is not a straight line?
    Draw a tangent line at that point and calculate the slope of the tangent line using rise over run.
  • What does the arc method calculate when finding the slope of a curve?
    The arc method calculates the average slope between two points on the curve over a specific region.
  • How do you identify the maximum point on a graph?
    The maximum point is where the graph changes direction from rising to falling, forming a peak.
  • What is the formula for the area of a triangle on a graph, and how do you determine base and height?
    The area is ½ × base × height, where the base and height are the lengths of the triangle's sides found from the graph's coordinates.
  • How do you calculate the area of a rectangle on a graph?
    Multiply the base (horizontal length) by the height (vertical length) using the coordinates from the graph.
  • What is the difference between correlation and causation when interpreting graphs?
    Correlation is when two variables move together, while causation means one variable directly causes a change in the other.
  • What is omitted variable bias in the context of interpreting graphs?
    Omitted variable bias occurs when a relevant variable is left out of the analysis, potentially leading to incorrect conclusions.
  • What is reverse causality, and how can it affect the interpretation of a graph?
    Reverse causality is when the direction of cause and effect is mistaken, such as thinking the effect causes the cause rather than the other way around.