The slope of a line is the
A) change in the values along the x-axis divided by the change in the values along the y-axis.
B) values on the x-axis divided by the values on the y-axis.
C) change in the values along the y-axis divided by the change in the values along the x-axis.
D) values on the y-axis divided by the values on the x-axis.
Answer: C
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Traditional Keynesians argued that when wages are rigid, changes in output result in:
a. small changes in goods market prices and a flat aggregate supply curve. b. large changes in goods market prices and a flat aggregate supply curve. c. large changes in goods market prices and a steep aggregate supply curve. d. small changes in goods market prices and a steep aggregate demand curve. e. small changes in goods market prices and a horizontal aggregate demand curve.
The Lucas supply function states that real output will not change from its fixed level
A. only if there is a positive price surprise. B. only if there is a negative price surprise. C. only if there is no price surprise. D. Both A and B are possible.
Under a floating exchange-rate regime, following an expansion in the country's money supply, the country's monetary authority
A. must buy foreign currency in the foreign exchange market. B. may not intervene in the foreign exchange market. C. will be forced to reverse the monetary expansion. D. must buy domestic currency in the foreign exchange market.
The earned income tax credit (or EITC):
A. reduces the sales tax paid by low-income workers. B. provides tax credits to firms who hire low-income workers. C. gives low-income workers credits on their federal income taxes. D. reduces the tax rate on investment income.