Which of the following is true of the production function?
a. The production function of a normal good has a constant slope.
b. The production function of a luxury good is a horizontal line.
c. Generally, a production function has a negative slope
d. Generally, a production function has a variable slope.
d
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During the Chinese experience with pegging the yuan to the dollar, the yuan was undervalued. As a result,
A) the prices of Chinese exports were higher than they would have been without the peg. B) the equilibrium value of the yuan was below the pegged value of the yuan. C) there was a surplus of yuan on the market that the Chinese government had to purchase to maintain the peg, depleting China's reserves of dollars. D) there was a surplus of dollars on the market that the Chinese government had to purchase to maintain the peg.
A graph's origin is the point of intersection of all lines or curves in the graph
a. True b. False Indicate whether the statement is true or false
A business cycle refers to the
A) continued expansion in Real GDP. B) recurrent swings (up and down) in Real GDP. C) continued decline in Real GDP. D) period when Real GDP grows at unusually high rates. E) none of the above
Price discrimination is:
A. only illegal if it hurts consumers more than nondiscrimination. B. only illegal if used to lessen or eliminate competition. C. always illegal. D. always legal.