PRINCIPLES OF MACROECONOMICS
2nd Edition
ISBN: 9780357129128
Author: OpenStax
Publisher: CENGAGE L
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Textbook Question
Chapter A, Problem 1RQ
Exercise A1
Name three kinds of graphs and briefly state when is most appropriate to use each type of graph.
Expert Solution & Answer
To determine
To state:
The different types of graphs.
Explanation of Solution
There are three types of graphs that is line graphs, pie graphs, and bar graphs.
A line graph is a graphical diagram which displays the changes in information over time. This is also referred as a line chart. In the line graph, there are points which are connected to information or data and shows continuous change. A line graph is used to compare different information, situations, and events. The lines in the graph can descend line or can ascend line based on data.
A pie graph or pie chart is used to display whole information, data, and statistics in an easy to read manner. A circle represents the whole data or group and it contains the slices of data called pie and the varying size of pie show how much data elements are existing in it. Generally, the pie graph used for classification of whole information into the subparts based on their characteristics.
A bar graph is a chart that uses the height of bars to depicts the comparisons between a set of information or data. These bars can be horizontal or vertical. For example, a comparison of the population between two countries India and China. The horizontal line will show the name of the country and the vertical line will show the size of the population. The bars constructed for these two countries will represent the comparison between these two country’s population.
Economics Concept Introduction
Graphs: The graph is a two-dimensional diagram that shows the mathematical relationship between the variables. It represents the numerical data in visual figure to understand the data easily and quickly.
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The idea that a country can experience gains from trade means that it can
A) consume at a point outside its production possibilities frontier.
B) increase its exports.
C) increase the efficiency of its production.
D) experience a bowed-out production possibilities frontier.
A country is likely to have a comparative advantage in a land-intensive activity if it has a
A) alot of land relative to its population.
B) large population relative to its landmass.
C) higher opportunity cost of producing technology.
D) large amount of capital equipment relative to its population.
Florin and Guilder are two countries separated by a narrow sea. They use currencies called, respectively, the Flop and the Gulp.
Suppose the nominal exchange rate is 20 Flops per Gulp.
A Guilderian trader buys a 120 Flop barrel of Florish pickles by exchanging 6 Gulps, and a Florish trader buys a 4 Gulp crate of Guilderian apples by exchanging 80 Flops.
Then the Gulp depreciates to 10 Flops per Gulp.
Instructions: Enter your answers as whole numbers.
How much must the Guilderian pay for the same 120 Flop barrel of pickles?
Gulps
How much must the Florish trader pay for the same 4 Gulp crate of apples?
Flops
Chapter A Solutions
PRINCIPLES OF MACROECONOMICS
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