Suppose that on average there are four more car accidents for every extra inch of snowfall in a certain region. If snowfall is graphed on the y axis and car accidents on the x axis, then if we graph this relationship, the slope of the line will be
A. 1/4.
B. 1/3.
C. 4.
D. 3.
Answer: A
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Is it possible for nominal GDP to increase while real GDP does not change?
What will be an ideal response?
Which of the following statements about the price elasticity of demand is correct?
A) The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. B) Demand is more elastic in the long run than it is in the short run. C) The absolute value of the elasticity of demand ranges from zero to one. D) Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.
Which of the following is true of the gross domestic product (GDP) of a nation? a. It can be measured by the stock of consumer goods in a nation at a particular point in time
b. It can be measured by the stock of capital goods in a nation at a particular point in time. c. It can be measured either by calculating the total spending on production or the total income from that production. d. It is the sum of total spending on production and total income from that production. e. It can be measured from the stock of wealth in the nation.
If the supply curve for housing is perfectly inelastic, a reduction in demand will cause the equilibrium price to: a. rise and the equilibrium quantity to fall
b. rise and the equilibrium quantity to stay the same. c. fall and the equilibrium quantity to fall. d. fall and the equilibrium quantity to stay the same.