The slope of a curve at any point is given by this formula:
A. The change in x coordinates between two points divided by the change in their y coordinates.
B. The percentage change in x coordinates between two points divided by the percentage change in their y coordinates.
C. The change in y coordinates between two points divided by the change in their x coordinates.
D. The percentage change in y coordinates between two points divided by the percentage change in their x coordinates.
Answer: C
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Which of the following statements is true?
A) At wages below the equilibrium wage rate, quantity demanded of labor exceeds the quantity supplied of labor. B) At wages above the equilibrium wage rate, quantity demanded of labor exceeds the quantity supplied of labor. C) At the equilibrium wage rate, quantity demanded of labor exceeds the quantity supplied of labor. D) At the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
One way to deal with the efficiency problem of monopolies is to tax the profits of monopolists.
Answer the following statement true (T) or false (F)
Economists argue that the level of pollution should be
A) reduced completely to zero because by definition, it has a negative external effect. B) ignored because it has always been present since the beginning of history. C) best determined by elected officials who can speak on behalf of the public. D) reduced to the point where the marginal benefit of pollution reduction is equal to the marginal cost of pollution reduction to society.
Which of the following would shift the Phillips curve to the left?
A. Contractionary fiscal policy. B. A decrease in the regulation of business. C. Contractionary monetary policy. D. An increase in import tariffs.