If the slope of a straight line is -2. and if X (the variable on the horizontal axis) decreases by 8, then Y (the variable on the vertical axis) will
A. increase by 4.
B. increase by 16.
C. decrease by 16.
D. decrease by 4.
Answer: B
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Using the Rule of 70, if the country of Huttodom's current growth rate of real GDP per person was 10 percent a year, how long would it take the country's real GDP per person to double?
A) 0.7 years B) 20 years C) 7 years D) 10 years
Refer to Figure 9.4. In the short run, how much should the firm produce at the price P1?
A. 0
B. Q1
C. Q2
D. Q3
Every Christmas, you buy yourself a lottery ticket. This year, you win the $500 million Powerball. This would most likely cause your consumption function to
A. shift downward temporarily. B. shift upward permanently. C. shift downward permanently. D. shift upward temporarily.
Figure 12.1 shows a successful price-fixing arrangement (cartel) between two identical firms. If the cartel collapses and the two firms compete against each other, each firm's profit will be ________ and the quantity will be ________.
A. smaller; smaller B. smaller; greater C. greater; smaller D. greater; greater