Use the information provided in the table below to answer the next 3 questions I

Question

Use the information provided in the table below to answer the next 3 questions Income 100 200 300 consumption 150 230 310 390 27) Income and consumption are a. Positively related b. Negatively related c. Inversely related d. Unrelated 28) If we graph consumption as a function of income, the y-intercept of our consumption line is b. 80 c. 100 d. 150 29) If we graph consumption as a function of income, the slope of our line is c. 0.8 d. 1.25 30) Florida schools offered cash bonuses to students who scored high on the state's standardized exams. The cash bonuses are an example of this economic principle: a. Resources are scarce. b. The real cost of something is what you must give up to get it. c. There are gains from trade. d. People usually take advantage of opportunities to make themselves better off

Explanation / Answer

27. Income and consumption are positively related. With increasing income, consumption also increases.

OPTION A

28. y intercept = 150

OPTION D

29. Slope = change in consumption/ change in income

= 230-150) / ( 100-0) = 0.8

OPTION C

30. OPTION D

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