The slope of a vertical line is
a. infinitely large
b. zero
c. positive
d. negative
e. infinitely small
A
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If the demand for a good were completely inelastic,
A) the good is a basic necessity. B) the good is a luxury. C) there are no substitutes for the good. D) there had been a long period of time for people to adjust their behavior. E) people who own the good currently do not want to give it up except at much higher prices.
The balance of payments has become a central issue for the United States because
A) when the balance of payments is not balanced, society is unbalanced. B) the U.S. economy cannot grow when the balance of payments is in deficit. C) the U.S. has run huge trade deficits in every year since 1982. D) the U.S. never experienced a surplus in its balance of payments. E) the U.S. once ran a large trade surplus of about $40 billion.
If consumer tastes are changing more in favor of the consumption of a particular good the
a. market demand curve will shift to the left. b. consumer will move up a given demand curve, decreasing the quantity demanded. c. consumer would move down a given demand curve, decreasing the quantity demanded. d. consumer would move down a given demand curve, increasing the quantity demanded. e. market demand curve would shift to the right.
Which theory does NOT support unrestricted free trade between countries
What will be an ideal response?