Suppose a graph with Ron's weight on the vertical axis and his consumption of ice cream on the horizontal axis indicated that for each serving of ice cream he ate, Ron would gain 3 pounds, regardless of how much ice cream he had already eaten. This graph would show a
a. horizontal line at weight = 3
b. straight line with slope = 3
c. straight line with slope = 1/2
d. straight line with slope = -3
e. straight line with slope = -1/3
B
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Indicate whether the statement is true or false
The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent?
A) $800 B) $600 C) $400 D) None of the above answers is correct.
If the economy is on the IS curve, but is to the left of the LM curve, aggregate output will ________ and the interest rate will ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Which of the following is NOT a reason a firm might experience economies of scale?
A) specialization B) dimensional factors C) increasing long-run average costs D) more productive equipment