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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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.
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.