The slope of a straight line:
A. is constant.
B. is negative.
C. is zero.
D. changes along the curve.
Answer: A
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Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?
A. $12.50 B. $25.00 C. $37.50 D. $50.00
If government were to issue a fixed number of licenses to produce a good or provide a service, this would likely:
A. increase the wage received by those who have licenses. B. lower the wage received by those who have licenses. C. lower the price of the good or service to consumers. D. increase the demand for goods.
When the Fed practices contractionary monetary policy, the interest rate goes:
A. up, and the exchange rate will appreciate as a result. B. up, and the exchange rate will depreciate as a result. C. down, and the exchange rate will appreciate as a result. D. down, and the exchange rate will depreciate as a result.
"We lose more by letting the company fail than by having the government save it." This was most likely said by an economist who believes that
A) crowding out is complete. B) bailouts are sometimes necessary. C) the tax multiplier is larger than the government spending multiplier. D) the AS curve is vertical. E) the AS curve is upward-sloping.