The supply curve is a ________ line that reflects the ________ relationship between price and quantity supplied.
A. upward-sloping; direct
B. upward-sloping; inverse
C. downward-sloping; inverse
D. downward-sloping; direct
Answer: A
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Which of the following represent expansionary fiscal policy?
A) an increase in marginal individual income tax rates B) an increase in average individual income tax rates C) a cut in corporate income tax rates D) a reduction in government spending
A supply curve is defined as the relationship between
A) the price of a good and the quantity that producers are willing to sell. B) the income of consumers and the quantity of a product that producers are willing to sell. C) the income of consumers and the quantity of a product that consumers are willing to buy. D) the price of a good and the quantity that consumers are willing to buy.
Which of the following statements best describes the "jobless recovery" after the Great Recession?
A. output begins rising without reducing the unemployment rate. B. output cannot begin rising due to the lack of available labor. C. new technology is replacing most of the jobs in the economy. D. during the recession the business began importing most of the products they sell.
“Supply creates its own demand” is an expression of
a. the quantity theory of money. b. monetarism. c. Say’s Law. d. the Keynesian critique of classical economics.