A curve is plotted with y measured on the vertical axis and x measured on the horizontal axis. The slope of the curve equals
A) y divided by x.
B) the change in y divided by x.
C) the change in y divided by the change in x.
D) y divided by the change in x.
C
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According to the classical model shown above, an autonomous decline in investment shifts the investment schedule to the left. Furthermore, the equilibrium interest rate declines. Distance A describes an interest rate induced
a. decline in saving, which is an equal increase in consumption. b. increase in investment. c. decrease in investment. d. decline in saving, which exceeds the increase in consumption.
Let the production function be q = ALaKb. The function exhibits increasing returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
Margaret can use her quarterly savings to buy a teakwood study table for her room or spend it on a small Christmas party with her family. The _____ cost of her enjoyment at the Christmas party would then equal the forgone utility of the study table
a. transaction b. exchange c. opportunity d. direct e. sunk
Which of the following is an example of a normative, as opposed to positive, statement?
a. The growth rate of the economy last year was higher than any other year in the last decade. b. The federal government reduced spending in the last quarter of the fiscal year. c. The Federal Reserve Bank adjusted interest rates in response to the lower-than-expected growth rate of the economy. d. The federal government should decrease unemployment benefits to stimulate the economy out of the recession.