The rate-of-return line ________ when the interest rate rises
A) shifts to the right
B) shifts to the left
C) pivots to become steeper
D) pivots to become flatter
E) is not affected
E
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According to the Philips curve diagram, if a central bank takes action to reduce the inflation rate, unemployment is
a. higher in the short-run and the long-run. b. higher in the short-run only. c. lower in the short-run and the long-run. d. lower in the short-run only.
Suppose that the price of cornflakes is $3.0 per box and the price of oatmeal is $1.5 per box. Both boxes contain the same number of ounces of cereal. The relative price of cornflakes in terms of oatmeal is
A. 0.67. B. 1.5 C. 2.0 D. 1.0.
The amount of revenues that sellers actually receive over and above the minimum acceptable amount that they are willing to receive for selling a product is called
A. production costs. B. producers' supply. C. consumer surplus. D. producer surplus.
The demand for a new effective drug for the cure of AIDS would most likely be
a. elastic. b. unit elastic. c. perfectly elastic. d. highly inelastic.