ECS1500 Assignment 5 (Economics) EXAM STUDY
GUIDE 2025/2026 COMPLETE QUESTIONS &
ANSWERS || VERIFIED SOLUTIONS <UPDATED>
What is a variable in economics?
A variable in economics is any unit or factor that can change, such as the price of a
product, the quantity demanded, or any other economic factor.
What is the principle of ceteris paribus in economics?
The ceteris paribus principle means that in economic analysis, when studying the
relationship between two variables, one variable is changed while keeping all other relevant
variables constant.
How is a two-dimensional space represented in a graph in economics?
A two-dimensional space is represented in a graph with two axes: the horizontal axis (X-
axis) for one variable, and the vertical axis (Y-axis) for another variable.
What does point A in a graph represent when the value of Y is 20 and X is 6?
Point A represents the relationship between the variables where the value of Y is 20, and the
value of X is 6.
, What is the purpose of a time-series graph in economics?
A time-series graph is used to measure the relationship between time and other variables. It
helps visualize how a variable changes over time.
In a time-series graph, what is typically measured on the horizontal axis, and what is
measured on the vertical axis?
n a time-series graph, time (e.g., years) is typically measured on the horizontal axis, and the
variable of interest (e.g., GDP) is measured on the vertical axis.
How is data from a table typically plotted on a two-dimensional graph?
Data from a table is plotted on a two-dimensional graph by measuring the values of the
variable of interest on the vertical axis and matching them with the corresponding values
or years on the horizontal axis. Each data point represents the relationship between the
variables.
What is a positive or direct relationship between two variables in economics?
A positive or direct relationship between two variables in economics is when they move
together in the same direction.
In a graph, what type of relationship is represented by a straight line rising from left to
right?
A linear positive (direct) relationship is represented by a straight line rising from left to
right in a graph.
Provide an example of a linear positive (direct) relationship.
GUIDE 2025/2026 COMPLETE QUESTIONS &
ANSWERS || VERIFIED SOLUTIONS <UPDATED>
What is a variable in economics?
A variable in economics is any unit or factor that can change, such as the price of a
product, the quantity demanded, or any other economic factor.
What is the principle of ceteris paribus in economics?
The ceteris paribus principle means that in economic analysis, when studying the
relationship between two variables, one variable is changed while keeping all other relevant
variables constant.
How is a two-dimensional space represented in a graph in economics?
A two-dimensional space is represented in a graph with two axes: the horizontal axis (X-
axis) for one variable, and the vertical axis (Y-axis) for another variable.
What does point A in a graph represent when the value of Y is 20 and X is 6?
Point A represents the relationship between the variables where the value of Y is 20, and the
value of X is 6.
, What is the purpose of a time-series graph in economics?
A time-series graph is used to measure the relationship between time and other variables. It
helps visualize how a variable changes over time.
In a time-series graph, what is typically measured on the horizontal axis, and what is
measured on the vertical axis?
n a time-series graph, time (e.g., years) is typically measured on the horizontal axis, and the
variable of interest (e.g., GDP) is measured on the vertical axis.
How is data from a table typically plotted on a two-dimensional graph?
Data from a table is plotted on a two-dimensional graph by measuring the values of the
variable of interest on the vertical axis and matching them with the corresponding values
or years on the horizontal axis. Each data point represents the relationship between the
variables.
What is a positive or direct relationship between two variables in economics?
A positive or direct relationship between two variables in economics is when they move
together in the same direction.
In a graph, what type of relationship is represented by a straight line rising from left to
right?
A linear positive (direct) relationship is represented by a straight line rising from left to
right in a graph.
Provide an example of a linear positive (direct) relationship.
