If you knew that the intercept for a straight line was 12, and that if the value of the independent variable was 3 the value of the dependent variable would be 18, then the slope of the line would be:
A. 1
B. 2
C. 3
D. 4
Answer: B
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Why does a network externality arise?
a. Each additional unit of a good sold reduces the value of the previously sold units. b. As more and more units of a good are produced, the average cost declines. c. Consumption of a good by one user does not affect the consumption of subsequent users. d. The firms enjoy economies of scale in the long run. e. Each additional unit of a good sold increases the value of the previously sold units.
Each person is better off with a bigger tax return than with a small tax return. That means that everyone would be better off if all taxes were zero. A person saying that is
A. wrong because firms operate on jealousy. B. wrong because causation and correlation are not the same. C. wrong and have fallen victim to the fallacy of composition. D. right.
Recall the Application about how technological advances in another country may hurt the United States to answer the following question(s). In this Application, how does China manage to gain access to the latest intellectual property of companies in the United States?
A. By requiring American firms to have joint partnerships with Chinese companies if they want to do business in China. B. Through espionage. C. Through Google searches. D. When American companies sell technology to the highest bidder.
If the average propensity to consume is initially 0.85, the marginal propensity to consume is 0.75, and real disposable income increases by $1000, the value of saving
A. increases by $250. B. decreases by $250. C. increases by $150. D. decreases by $150.