A line that slopes downward from left to right has a
A. Negative slope.
B. Slope that changes as you move along the curve.
C. Slope of zero.
D. Positive slope.
Answer: A
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A firm has a constant marginal social cost of producing that equals $2Q. What is the socially efficient level of production for a firm facing an inverse demand P = 60 ? 2Q?
A. 15 B. 10 C. 20 D. 25
The most widely used measure of income inequality is
A) the Bureau of Labor Statistics' cost-of-living index. B) the Laffer curve. C) the Lorenz curve. D) the Gemini coefficient.
When the CAB allowed airlines to charge high prices on longer, more efficient routes as long as they maintained service on shorter, unprofitable routes, it was allowing
A. Profit sharing. B. Cross-subsidization. C. Profit subsidization. D. Substitute pricing.
The term stagflation refers to:
a. a simultaneous reduction in output and the price level b. a simultaneous increase in output and the price level. c. a decline in the price level accompanied by increases in real output and employment. d. an increase in the price level accompanied by decreases in real output and employment. e. a simultaneous increase in both the trade deficit and the budget deficit.