Recall the Application about the supply of shipping services to answer the following question(s).Recall the Application. The reason why the short-run supply curve for cargo is upward sloping is that its:
A. marginal cost is upward sloping.
B. market demand curve is upward sloping.
C. average fixed cost is upward sloping.
D. All of these are correct.
Answer: A
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The slope of the curve at point B
A) is less than the slope at point A. B) is equal to the slope at point A. C) is greater than the slope at point A. D) cannot be compared with the slope at point A. E) can be compared with the slope at point A, but more information is needed to determine if the slope is greater than, less than, or equal to the slope at point A.
Walton and Rockoff contend that the likelihood of a Great Depression happening again is _______ because (among other reasons) _______
a. substantial, our continued dependence on a highly volatile stock market b. substantial, of our reliance on a fractional reserve banking system c. remote, policymakers are unlikely to repeat the mistakes of the 1930s d. remote, industry now makes up a much larger share of GNP than it did in the 1930s
The tax multiplier equals 1 ? spending multiplier
a. True b. False Indicate whether the statement is true or false
Regulatory agencies always protect consumers by forcing regulated firms to sell at the lowest possible price.
Answer the following statement true (T) or false (F)