How do we measure the slope of a linear curve?
A straight-line curve is called a linear curve. The slope of a linear curve between two points measures the relative rates of change of two variables. Specifically, the slope of a linear curve can be defined as the ratio of the change in the Y value to the change in the X value. The slope can also be expressed as the ratio of the rise to the run, where the rise is the change in the Y variable (along the vertical axis) and the run is the change in the X variable (along the horizontal axis).
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Suppose the price of a good rises. When will the resulting substitution effect reduce the quantity demanded of the good?
a. Always. b. Whenever the good is a non-Giffen good. c. Only when the good is normal. d. Only when the good is inferior.
A closed economy is characterized by
A) the absence of trade with other economies. B) the absence of use of money for transactions. C) no growth in population. D) a Cobb-Douglas production function.
Dumping typically occurs because
A) the exporting country raises its prices to increase profits. B) the exporting country usually is experiencing a recession and has excess production. C) the importing country is experiencing a recession. D) the importing country has assessed significant tariffs.
Mid-1960s amendments to the Social Security Act created
a. managed care. b. Medicare and Medicaid. c. major medical insurance. d. Blue Cross and Blue Shield. e. tax exemptions for health insurance as an employee benefit.