The relationship depicted in the above figure is
A) a negative linear relationship
B) a positive linear relationship
C) a positive becoming less steep relationship
D) a positive becoming steeper relationship
C
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A change in any of the ceteris paribus conditions for demand leads to a
A) a good going from an inferior good to a normal good. B) movement along the demand curve. C) shift of the demand curve. D) change in supply.
Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. If Rogue's average total cost decreases as the business increases plant size, then Rogue experiences
A) economies of scale. B) diseconomies of scale. C) diminishing marginal returns. D) constant returns to scale.
An increase in the interest rate will
A) decrease the price of bonds. B) increase the price of bonds. C) increase or decrease the price of bonds depending upon whether the money supply has increased or decreased. D) leave the price of bonds unchanged.
The new classical school holds that: a. macroeconomic equilibrium is achieved only through active government intervention. b. unemployment is only temporary, because the economy tends naturally toward equilibrium. c. rigid prices and wages prevent the economy from achieving equilibrium. d. macroeconomic equilibrium cannot occur as long as the aggregate supply curve isvertical
e. rational expectations result in involuntary unemployment and prolonged periods of macroeconomic disequilibrium.