Imagine That an Upward Sloping Line Is Depicted in a Graph

question 8

Multiple Choice

Imagine that an upward sloping line is depicted in a graph with income per week on the y- axis and hours worked per week on the x- axis. From the graph, we can conclude that:

• A) hours worked are not related.
• B) income and hours worked are negatively related.
• C) income and hours worked per week are positively related.
• D) income and hours worked are equal.

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Definitions:

Means of Production

The resources—including land, labor, capital, and technology—used to produce goods and services in an economy.

Capital

Wealth in the form of money or assets, used in the production of more wealth.

Depression

An extended period of significant decline in economic activity across an economy, characterized by high unemployment, low consumer spending, and reduced industrial output.

Full Employment

A situation in an economy where all available labor resources are being used in the most economically efficient way, often characterized by the absence of cyclical unemployment.