In the above figure, using the slope across an arc, the slope of the curve between points a and b is
A) 1/2.
B) -1/2.
C) 2.
D) -2.
B
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An increase in the price of wheat futures will tend to cause
A) a decrease in current wheat consumption. B) an increase in short-selling of wheat. C) a shortage of wheat in the future. D) a surplus of wheat in the future.
Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000 . Michael's willingness to pay is
a. $500. b. $3,000. c. $3,500. d. $6,500.
Establishing rules for voter registration is an example of a(n)
A) economic function of government. B) political function of government. C) public good. D) transfer payment.
Refer to the Economics in Practice on page 360. Advertisements provide information in two ways-what they say and what they omit.
Answer the following statement true (T) or false (F)