Suppose we are considering the relationship between two variables y and x. y is measured on the y-axis and x is measured on the x-axis, and the relationship between then is a straight line. Suppose that the slope of the line is greater than 1
This slope means that A) a change in x is associated with a bigger change in y.
B) a change in x is associated with a smaller change in y.
C) a change in x is associated with no change in y.
D) a change in x is associated with an equal change in y.
A
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According to the substitution effect along an indifference curve, when the relative price of a good falls, the consumer ________ substitutes ________ of that good for the other good
A) always; more B) always; less C) sometimes; more D) sometimes; less
Which of the following statements is false?
A) Monetarists believe that the velocity of money is highly stable. B) Monetarists believe that the velocity of money is predictable. C) Monetarists believe that the economy will settle into long-run equilibrium at less than full employment output. D) Monetarists believe that output can be at less than full employment output in the short run.
Which statement is true?
A. The monopolist usually operates at the minimum point of its ATC.
B. Nearly all monopolies are very large firms.
C. Most natural monopolies produce agricultural products or natural resources.
D. None of these statements are true.
The government agency which has been given the task of calculating the Consumer Price Index (CPI) is
A. the Department of State. B. the Council of Economic Advisors. C. the Bureau of Labor Statistics. D. the Bureau of Economic Research.