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Relationships between Variables quiz #1

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  • What does it mean to say that two variables are positively associated in the context of microeconomics graphs?
    Two variables are positively associated when an increase in one variable leads to an increase in the other; on a graph, this is shown by an upward-sloping curve where both variables move in the same direction.
  • What type of relationship occurs when one variable decreases while the other variable increases in microeconomic analysis?
    This is called a negative or inverse relationship, where the variables move in opposite directions; on a graph, this is typically shown by a downward-sloping curve.
  • In microeconomics, what does it mean to say that two variables are positively associated?
    It means that as one variable increases, the other variable also increases, indicating a direct relationship between the two variables.
  • What is the recommended method for connecting points to form a curve on a microeconomics graph?
    Start at the leftmost point and connect the points moving rightwards, without doubling back or reversing direction.
  • When shifting a curve visually on a graph, which points should you move to create the new curve?
    You should move both the leftmost and rightmost points by the specified amount and then connect them to form the shifted curve.
  • Why is it important to use multiple colors when shifting curves on a graph?
    Using multiple colors helps distinguish between the original and shifted curves, making it easier to identify changes and intersections.
  • What should you pay attention to when both lines on a graph are shifted?
    You should carefully identify the new point of intersection, as multiple intersections may appear after shifting both lines.
  • How can you assess changes in price and quantity after shifting curves on a graph?
    You can visually compare the original and new points of intersection to determine how price and quantity have changed.
  • In microeconomics, why is visually shifting curves often preferred over mathematical shifting in introductory courses?
    Visually shifting curves is quicker and easier for assessing changes, and is commonly used in the course instead of detailed mathematical calculations.
  • What is a common mistake to avoid when connecting points to form a curve on a graph?
    A common mistake is doubling back or connecting points in a way that reverses direction, which can misrepresent the relationship between variables.