The slope of a straight line
A. must first increase then decrease.
B. is constant.
C. is always positive.
D. is not constant.
Answer: B
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When the U.S. price level falls, the open economy effect indicates that
A) U.S. imports will rise. B) U.S. residents will move away from domestic goods and buy more foreign goods. C) U.S. exports will increase. D) foreigners will buy fewer U.S. goods.
U.S. GDP increased from $12.5 trillion in 2005 to $14 trillion in 2009. This means that:
A. people in the U.S. produced more goods and services in 2009 than in 2005. B. the prices of all goods and services were higher in 2009 than in 2005. C. Either of these could be true. D. Both of these must be true.
A producer can raise profit by expanding output if his:
a. marginal revenue is equal to marginal cost. b. marginal revenue is less than marginal cost. c. marginal revenue is negative. d. marginal cost is negative. e. marginal revenue is greater than marginal cost.
Choices must be made in the use of resources
a. because they are in finite supply b. because they are in finite demand c. only if the resources are nonrenewable d. only if the resources are renewable e. because they are in infinite supply