Variables A and B are inversely related. If we plot A on the horizontal axis and B on the vertical axis, the line that connects combinations of A and B in a two-variable diagram is
A) parallel to the horizontal axis.
B) downward-sloping (left to right).
C) parallel to the vertical axis.
D) upward-sloping (left to right).
E) a or c
B
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Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, ________ has a website that provides estimates of demand elasticities for hundreds of food products for dozens of countries.
A. the U.S. Department of Agriculture B. the U.S. State Department C. the United Nations D. the World Bank
A goldsmith with 100 gold coins in his safe and 400 goldsmith's receipts in circulation has a reserve ratio of
A. 400%. B. 100%. C. 50%. D. 25%.
If the marginal factor cost of hiring an additional worker is $10 while the marginal revenue product is $15, then the firm should
A) hire more workers. B) stop hiring more workers. C) fire some workers. D) none of the above: insufficient information to answer the question.
Pollution problems generally represent
A) cases of good versus evil. B) cases of villain versus victim. C) morally neutral disagreements over competing uses of a scarce resource. D) Both a and b are correct.