Refer to Figure 5.7. Which diagram best represents an Engle curve where soup is a normal good?
A. A
B. B
C. C
D. D
A. A
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Over the range of output for which the marginal product of labor curve is negatively sloped, the marginal cost curve is negatively sloped
Indicate whether the statement is true or false
Unlimited liability is found in
A) proprietorships and corporations. B) partnerships and corporations. C) proprietorships and partnerships. D) proprietorships, partnerships, and corporations.
Which of the following correctly describes the Phillips curve?
a. A curve showing the inverse relationship between interest rates and the quantity of money demanded. b. A curve showing the direct relationship between interest rates and the quantity of money demanded. c. A curve showing the direct relationship between the inflation rate and the unemployment rate. d. A curve showing the inverse relationship between the inflation rate and the unemployment rate.
If the United States imposes a tariff on the import of Japanese cars instead of a quota, the price
a. increase in Japanese cars goes into the revenue of U.S. automakers. b. increase in Japanese cars goes into the revenue of Japanese automakers. c. increase in Japanese cars goes into the revenue of the U.S. government. d. decrease in Japanese cars comes out of the revenue of U.S. automakers. e. decrease in Japanese cars comes out of the revenue of the U.S. government.