SOLVED

1.6  Appendix: Using Graphs and Formulas 1) If a graph has a line that shows the amount of outsourcing in the last ten years, it is known as A) a pie chart. B) a time-series graph. C) a demand curve for outsourcing. D) a supply curve of outsourcing. 2) ________ have a horizontal and a vertical axis and are used in economics to illustrate relationships between two economic variables. A) Two-dimensional graphs B) One-dimensional graphs C) Pie Charts D) Bar graphs 3) If a straight line passes through the point x = 14 and y = 3 and also through the point x = 4 and y = 10, the slope of this line is A) negative 11 divided by 6. B) seven tenths. C) negative seven tenths. D) 6 divided by 11. 4) On a two-dimensional graph, ________ allows for the effects of additional variables. A) moving along a curve B) shifting curves C) eliminating a curve D) adding an additional curve 5) Which of the following statements is false? A) An inverse relationship has a negative slope value. B) A direct relationship has a positive slope value. C) A curved line has slope values that change at every point.  D) A straight line has a slope of zero. 6) The relationship between consumer spending and disposable personal income is A) an inverse relationship. B) a direct relationship. C) a negative relationship. D) independent. 7) Suppose when the price of laptops fall, college students buy more laptops. This implies that A) there is a positive relationship between laptop prices and quantities purchased by college students. B) there is a negative relationship between laptop prices and quantities purchased by college students. C) there is a direct relationship between laptop prices and quantities purchased by college students. D) there is a one-to-one relationship between laptop prices and quantities purchased by college students. 8) If the price of milk was $2.50 a gallon and it is now $3.25 a gallon, what is the percentage change in price? A) 13 percent B) 30 percent C) 75 percent D) 77 percent 9) In 2010, Hooverville consumed 205,000 tons of sugar. In 2011, sugar consumption rose to 245,000 tons. Calculate the percentage change in sugar consumption.  A) 8.37% B) 11.95% C) 19.51% D) 26.33% 10) At a recent faculty meeting, Lorraine Waverly, president of Skywalker College, announced that enrollment is up by 12 percent over the previous semester. If enrollment the previous semester was 3,250 students, what is the student enrollment this semester? A) 390 B) 2,860 C) 3,640 D) 4,030