Answer: C
Topic: Scatter diagrams
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
8) Which type of graph is most useful in determining if two variables are correlated?
A) time-series
B) scatter diagram
C) cross-section
D) variable-correlation figure
E) None of the above answers is correct.
Answer: B
Topic: Scatter diagrams
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
9) The figure above shows a
A) time-series graph.
B) scatter diagram.
C) cross-section graph.
D) slope.
E) trend diagram.
Answer: B
Topic: Scatter diagrams
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
10) A time-series graph measures
A) the value of one variable against the value of another variable.
B) the value of an economic variable for different groups in a population at a point in time.
C) time on the x-axis and the variable or variables in which we are interested on the y-axis.
D) time on the y-axis and the variable or variables in which we are interested on the x-axis.
E) time on both the x-axis and y-axis and the variable or variables in which we are interested in the rest of the figure.
Answer: C
Topic: Time-series graph
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
11) A time series graph
A) shows how a variable changes over time.
B) uses bars rather than lines.
C) shows points in a scatter diagram.
D) is similar to a cross-section graph because both can show trends over time.
E) is in the shape of a pie.
Answer: A
Topic: Time-series graph
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
12) A steep slope in a time series graph means the variable is
A) high.
B) falling.
C) rising or falling quickly.
D) rising or falling slowly.
E) very close to its trend point.
Answer: C
Topic: Time-series graph
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
13) Which type of economic graph reveals trends in data?
A) cross-section graph
B) time-series graph
C) scatter diagram
D) Answers A and C are correct.
E) Answers A, B, and C are all correct.
Answer: B
Topic: Time-series graph
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
14) A time series graph
A) shows how a certain variable changes over time.
B) uses bars rather than lines.
C) shows points that are scattered.
D) depicts a series of good economic times a nation had.
E) is not useful if the goal is to determine a variable's trend.
Answer: A
Topic: Time-series graph
Skill: Level 1: Definition
Section: Chapter 1 Appendix - Checkpoint 1
Status: Old
AACSB: Analytic skills
15) A time-series graph displays the price of gold. The slope of the line is negative for periods when the
A) price of gold is falling.
B) price of gold is rising.
C) quantity of gold is falling.
D) price of gold is low and not changing.
E) price of gold fluctuates.
Answer: A
Topic: Time-series graph