The ratio of the price of the good on the horizontal axis divided by the price of the good on the vertical axis multiplied by -1
a. is the slope of the demand curve
b. measures the price elasticity of demand for a particular good
c. defines real income for the consumer
d. is the slope of the budget line
e. is the slope of the indifference curve
D
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If average labor productivity increases while population and the number of employed workers remain constant, then output per person:
A. increases. B. remains constant. C. decreases. D. may increase or decrease.
An industry with a high concentration ratio might still be competitive if
A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.
If the economy were left on its own without the interference of government or the Fed, it would move toward an equilibrium rate of growth that would produce, with only minor interruptions, full employment without inflation. What school supports this view?
A. Classical. B. Keynesian. C. Monetarism. D. Supply-side.
The multiplier can be calculated by dividing:
A. The initial change in spending by the change in real GDP B. The change in real GDP by the initial change in spending C. One by one minus the marginal propensity to save D. One by one minus the marginal propensity to invest