In Figure 16.2, according to supply-side theorists, a relaxation of trade barriers would result in a
A. Movement from point A to point B.
B. Movement from point B to point A.
C. Rightward shift in the Phillips curve.
D. Leftward shift in the Phillips curve.
Answer: D
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If an increase in one variable causes a decrease in another variable, this is
A) a direct relationship. B) a dependent relationship. C) an independent relationship. D) an inverse relationship.
When the price of corn was "low," consumers in the United States spent a total of $8 billion annually on its consumption. When the price halved, consumer expenditures actually DECREASED to $6 billion annually. This indicates that:
A. the demand for corn is elastic. B. the demand for corn is inelastic. C. corn is a Giffen good. D. the demand curve for corn is upward sloping.
How would you define "many" when we say there are "many firms in an industry"?
A. more than 5 B. more than 10 C. more than 25 D. So many that no one firm has any influence on price
For a pure monopolist the relationship between total revenue and marginal revenue is such that:
A. marginal revenue is positive when total revenue is at a maximum. B. total revenue is positive when marginal revenue is increasing, but total revenue becomes negative when marginal revenue is decreasing. C. marginal revenue is positive when total revenue is increasing, but marginal revenue becomes negative when total revenue is decreasing. D. marginal revenue is positive so long as total revenue is positive.