The slope of a line is zero when it is:
A. a downward-sloping line that makes a 45-degree angle with the horizontal and vertical axes.
B. an upward-sloping line that makes a 45-degree angle with the horizontal and vertical axes.
C. vertical.
D. horizontal.
Answer: D
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will result in quota rent equal to areas
A. F + J. B. E + F + G + H + J. C. F + G + H + J. D. G + H.
Profit is constant along an isoquant.
Answer the following statement true (T) or false (F)
In a perfectly competitive market, the long-run industry supply curve is perfectly elastic at the minimum point of the ATC curve
a. True b. False Indicate whether the statement is true or false
A key issue in the present disagreement between Keynesian and monetarist economists is whether
A. monetary policy can bring the economy to full employment. B. the economy is better off with policymakers adopting a strict rule or using their discretion to set policies. C. monetary policy can influence interest rates. D. fiscal policy involves the use of taxation.