A perfectly inelastic supply curve is:
a. upward sloping to the right
b. downward sloping to the left.
c. horizontal.
d. vertical.
d
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An increase in the aggregate expenditures schedule ________.
A. decreases aggregate demand by the amount of the increase in aggregate expenditures B. increases aggregate demand by the amount of the initial increase in aggregate expenditures times the multiplier C. decreases aggregate demand by the amount of the initial increase in aggregate expenditures times the multiplier D. increases aggregate demand by the amount of the increase in aggregate expenditures only
The above figure shows the market for hamburger. Which figure shows the effect of an announcement by the U.S. Food and Drug Administration (FDA)that eating hamburger causes early death?
A) Figure A B) Figure B C) Figure C D) Figure D
International businesses like a fixed exchange-rate system because
A) they like large swings in currency values when devaluation or revaluation occur. B) they profit by speculating on devaluation or revaluation. C) they can plan better if they know what the exchange rate will be. D) fixed exchange rates are economically efficient.
Which of the following is an input to the production process?
A) a janitor's time B) a cement mixer C) Both A and B D) None of the above.