"As the price of gasoline increases, fewer people buy cars that are gas guzzlers." A graph showing this relationship would have
A) a negative slope.
B) a positive relationship.
C) a direct relationship.
D) a horizontal line.
A
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Increasing the income tax rate ________ the before-tax real wage rate and ________ the after-tax real wage rate
A) lowers; raises B) raises; raises C) does not change; raises D) raises; lowers E) lowers; lowers
Referring to a bank's t-account, the difference between total assets and total liabilities is called
A) leverage. B) reserves. C) deposits. D) equity.
Profit maximization requires that
A) the marginal factor cost of every input equals that input's marginal physical product. B) the marginal factor cost of every input equals that input's marginal revenue product. C) the amount of one input hired divided by the amount of another input hired equals the total costs of the first input hired divided by the total costs of the second input. D) equal amounts of each input are employed.
A nation benefits from international trade if it:
a. exports more than it imports. b. imports more than it exports. c. imports goods for which it is a low opportunity cost producer. d. exports goods for which it is a low opportunity cost producer.