A vertical supply curve represents:
A) an inverse relationship between price and quantity supplied.
B) an independent relationship between price and quantity supplied.
C) an independent relationship between price and supply.
D) a direct relationship between price and quantity supplied.
E) a direct relationship between price and supply.
B
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In the above, in which figure(s) is (are) the slope the same at every point?
A) Figure A only B) Figures A and C C) Figure B only D) Figures A, C, and D E) Figures C and D
If the Fed is concerned about a possible recession, it ________ the federal funds rate, which ________ the quantity of money and ________ the amount of bank loans
A) raises; decreases; decreases B) lowers; decreases; decreases C) lowers; increases; decreases D) raises; increases; increases E) lowers; increases; increases
In 2011, U.S. GDP was
A) $15 trillion using the expenditure approach. B) $15 trillion using the income approach. C) $15 trillion using the expenditure approach and $14 trillion using the income approach. D) $16 trillion using the income approach and $14 trillion using the expenditure approach. E) both A and B are correct.
A Herfindahl-Hirschman Index of 10,000 would mean there is (are) how many firm(s) in the industry?
A. 1 B. 10 C. 1,000 D. 10,000