On a Time-Series Graph with a Ratio Scale

question 336

Multiple Choice

On a time-series graph with a ratio scale

• A) the slope of the line is negative when the level of the variable is rising.
• B) the same distance along the vertical axis measures different amounts of the variable.
• C) time is plotted on the vertical axis rather than the horizontal axis.
• D) it is impossible to determine a trend.

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Definitions:

What Will Be Produced

A fundamental economic question that addresses the kinds of goods and services to be made available in an economy, determined by factors such as resources, technology, and consumer preferences.

Consumer Sovereignty

The idea that what consumers want influences the goods and services produced in an economy.

Conform To Consumer Demands

Adjusting product offerings, services, or business practices to meet the expectations and preferences of consumers.

Economically Efficient

A state where resources are allocated in a way that maximizes the net benefit to society, with no waste.