The minimum point of a U-shaped curve,
A) is a point where the variable is neither increasing nor decreasing.
B) has a slope equal to zero.
C) has the maximum slope possible.
D) Both answers A and B are correct.
E) Both answers A and C are correct.
D
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A cross-section graph
A) is divided into different sections. B) shows values of an economic variable for different groups in a population at a point in time. C) measures time on the x-axis and the variable in which we are interested on the y-axis. D) Both answers A and C are correct. E) Both answers B and C are correct.
Total spending by domestic residents, businesses, and governments is called
A) investment. B) net domestic purchases. C) absorption. D) GDP.
There is news that the price of Tucker's Root Beer will increase significantly next week. If the demand for Tucker's Root Beer reacts only to this factor and shifts to the right, the position of this demand curve has reacted to a change in:
a. tastes. b. income levels. c. the price of other goods. d. the number of buyers. e. expectations.
If production involves increasing opportunity cost, then moving nearer the horizontal axis will increase the opportunity cost of
a. the good that is shown on the horizontal axis. b. the good that is shown on the vertical axis. c. both of the goods shown on the axes. d. neither of the goods shown on the axes.