The slope of a curved line at a particular point is
a.always greater than the slope of a straight line at the same point.
b.always smaller than the slope of a straight line at the same point.
c.defined as the slope of the straight line representing the average values for the entire curve.
d.defined as the slope of the straight line that is tangent to the curve at that point.
201. It is possible to represent three dimensions on a two-dimensional graph by using
a.a contour map.
b.a razor blade.
d.all of the above.
202. A contour map illustrates which of the following?
a.the cause-effect relationship between two variables
b.the cause-effect relationship between three variables
c.the way that three variables are correlated
d.the way that one variable affects another, which in turn affects a third variable
e.the way that two variables are correlated and in turn cause changes in a third variable
203. People generally purchase less of a commodity as its price increases. This implies that the relationship between quantity purchased and the price of the commodity must have a
a.slope always equal to one.
204. A ____ is a graph whose axes show the quantities of two inputs that are used to produce some output.
a.production indifference map
205. An "opportunity cost" may be described as: ?
a.?the value of what must be gtiven up
b.?the opporrtunity foregone
c.?the value of the next best alternative
d.?the correct measure of cost
e.?all of these are correct
206. Regarding economic models, which of the following statements is NOT true??
a.?An economic model is a simplified representation of a theory or part of a theory
b.?An economic model can provide answers for policy makers.
c.An economic model can illuminate an important economic problem?
d.?An economic model can depict 3-variable diagrams.
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