Refer to the information provided in Figure 1.1 below to answer the question(s) that follow.
Figure 1.1Refer to Figure 1.1. The relationship between the daily temperature and the number of gallons of ice cream purchased demonstrates
A. a zero slope.
B. a positive slope.
C. a negative slope.
D. an infinite slope.
Answer: B
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When many banks fail simultaneously, this is known as a
a. run on the bank b. depression c. recession d. banking panic e. Federal Reserve crisis
The allocative function of price is to:
A. provide subsidies to low-income families so they can purchase essential goods and services. B. direct resources away from markets that are overcrowded and toward markets that are underserved. C. distribute scarce goods and services to those consumers who value them the most highly. D. ensure that firms in perfectly competitive markets earn an economic profit.
If the marginal cost of pollution abatement differs across firms, then regulations that require all polluters to reduce pollution by a fixed proportion will be:
A. fair to all polluters. B. ineffective. C. inefficient D. efficient.
Secular deflation occurs when
A) both aggregate demand and aggregate supply are shifting left. B) there is no economic growth and aggregate demand falls. C) aggregate demand increases at the same time there is no economic growth. D) aggregate demand remains unchanged while economic growth increases long-run aggregate supply.