Explain how to calculate the slope of a line. What does the slope measure?
What will be an ideal response?
The slope of a line is a measure that indicates whether the relationship between the variables is positive or negative. It tells us how much of a response there is in variable y (on the vertical axis) when variable x (on the horizontal axis) changes. The slope is calculated by taking the change in variable y and dividing by the change in variable x.
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When a shortage exists in a market
A) the market clearing price is above equilibrium and market forces will cause the price to fall. B) the quantity demanded is less than the quantity supplied at the existing price. C) the current price is below the market clearing price and the price will rise. D) the quantity supplied is greater than the quantity demanded at the current price.
Suppose that a country that has a high average wage level agrees to trade with a country that has a low average wage level. Which country can benefit?
a. only the one with a low level of output per person. b. only the one with a high level of output per person. c. both d. neither
In Exhibit 3, what area(s) represent consumer surplus gains from imports after free trade is allowed?
a. a
b. b
c. a and b
d. b and d
The aggregate expenditure model focuses on the ___ relationship between real spending and ____
Fill in the blank(s) with the appropriate word(s).