Which of the following statements is true?
A) A direct relationship has a negative slope value.
B) A straight line has a slope of one.
C) A curved line has slope values that change at every point.
D) An inverse relationship has a positive slope value.
C
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According to the text, in the absence of uncertainty, no one can obtain a profit from the exclusive ownership of a scarce resource, such as a patent or a franchise, because
A) demand curves will be perfectly elastic. B) marginal cost will equal marginal revenue. C) profit requires active production rather than static ownership. D) the cost of retaining ownership will rise to eliminate any profit. E) the tax on capital gains will eliminate any profit.
Refer to the figure above. If a price control is imposed at $8, what is the gain in consumer surplus?
A) $5 B) $10 C) $15 D) $20
On Green Island, the demand for pencils is perfectly elastic and the supply of pencils is perfectly inelastic. If a sales tax on pencils is introduced
A) the tax is split evenly between the buyers and sellers. B) the buyers pay the entire tax. C) no one pays the tax. D) the sellers pay the entire tax.
Suppose we have the following information about a furniture maker: furniture sales $100M, wood purchases $60M, wages $25M, tax on profits $5M, profits $10M. What is the contribution to GDP of this company using the product approach?
A) $100M. B) $60M. C) $40M. D) $15M.