In order to understand a particular graph, it is important to know:
A.) The total number of squares in the grid.
B.) Which variable is on the vertical axis and which is on the horizontal axis.
C.) Where a point on the graph is.
D.) Where the maximum quantity is.
B.) Which variable is on the vertical axis and which is on the horizontal axis.
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Suppose that you lend $5,000 to a friend who pays you back $5,400 the next year. Suppose that prices that year rose by six percent and the real rate of return in the stock market was five percent
Your friend says that he or she was being more than fair by giving you more than the rate of inflation as a return. What do you think?
The difference between price elasticity of demand and income elasticity of demand is that
A) income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes. B) income elasticity refers to the movement along the demand curve while price elasticity refers to a horizontal shift of the demand curve. C) income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price. D) income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve.
During the German hyperinflation of the 1920s, workers would ______.
a. hold on to their pay for a long time to buy goods at lower prices later b. hurriedly spend their pay to buy goods before prices increased c. burn their pay so they could decrease the money supply d. hide their pay because money was increasing in value so rapidly
In the short run, the fixed costs of a firm:
A. must be paid regardless of level of output. B. must be higher than variable costs for the firm. C. should be strongly considered in deciding whether to shut down production. D. are zero when quantity produced is zero.