I need some help with my econ homework. Can someone tell me if I am right on these?
1. When graphing cross-sectional data, one should ________.
A. place the various years on the X-axis
B.always be drawn using a line chart
C. investigate variables in a single time period
D. concentrate on collecting data on a single variable
My Answer: D. concentrate on collecting data on a single variable
2. Which of the following will cause the production possibilities frontier to shift outward?
A. an increase in the size of the labor force
B.a decrease in the unemployment rate
C. a decrease in the size of the capital stock
D. an inefficiency that has been corrected
My answer: B.a decrease in the unemployment rate
3. Shortages ________.
A. occur when the price is above the equilibrium price
B. are identical to scarcity, but just shown through the use of the demand and supply model
C. are due to the fact that quantity demanded exceeds the quantity supplied at a given price
D. can be eliminated by providing some of the good to each consumer
My Answer: C. are due to the fact that quantity demanded exceeds the quantity supplied at a given price
4. Quantity demanded ________.
A. is the amount of a good a consumer is willing and able to purchase at a given price
B. is identical to the quantity supplied
C. is a downward sloping curve
D. is the amount equal to what producers are willing and able to produce at given prices
My answer: B. is identical to the quantity supplied
Thanks
1. The correct answer for this question is A. When graphing cross-sectional data, one should place the various years on the X-axis. This means that on the horizontal axis, you would label the different years or time periods for which you have collected the data. The Y-axis would then represent the variable you are investigating.
2. The correct answer for this question is A. An increase in the size of the labor force will cause the production possibilities frontier to shift outward. The production possibilities frontier represents the maximum potential output that an economy can produce with its given resources. By increasing the size of the labor force, there will be more workers available to produce goods and services, leading to an expansion of the economy's productive capacity and a shift outward of the frontier.
3. The correct answer for this question is C. Shortages are due to the fact that quantity demanded exceeds the quantity supplied at a given price. In other words, when there is a shortage, consumers are willing and able to buy more of a good than the quantity being supplied by producers at the given price.
4. The correct answer for this question is A. Quantity demanded is the amount of a good a consumer is willing and able to purchase at a given price. It represents the relationship between price and the quantity that consumers desire to buy at that price. The quantity demanded is typically shown as a downward-sloping curve on a graph, indicating that as the price of a good increases, the quantity demanded decreases, and vice versa.
Please note that these explanations are provided to help you understand the concepts and principles behind each question. It's important to carefully review your course materials and consult with your teacher or classmates to ensure that your answers align with the specific requirements of your homework assignment.