An Engel curve
A. always slopes down for an inferior good.
B. may slope up or down for a normal good.
C. does not relate to the normal or inferior good concepts.
D. always slopes up for an inferior good.
Answer: A
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Which of the following factors does NOT shift the demand curve for money?
A) changes in the interest rate B) changes in real GDP C) changes in the price level in the economy D) changes in real income
If a country's currency appreciates, the country will experience a ________ in exports and a ________ in imports
A) rise; rise B) fall; fall C) rise; fall D) fall; rise
If the AVC is $12, the AFC is $4, the AR is $20, and output is 6,000 units, the total profit is
a. $72,000. b. $48,000. c. $24,000. d. negative $96,000.
Which is most clearly a variable cost?
A. Rent B. Wages of Production Workers C. Salaries of employees under long-term contract D. Interest payments