The slope of a vertical line is
A. negative.
B. infinite.
C. continually changing.
D. zero.
Answer: B
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As more firms are attracted to an industry, the supply curve can be expected to shift to the right.
Answer the following statement true (T) or false (F)
The Laffer curve shows as tax rates rise, tax revenue:
a. rises. b. first rises, then falls, and then rises again. c. falls. d. first rises, and then falls. e. remains at a constant level.
An eclectic aggregate supply curve:
A. Is the supply-side counterpart to monetarist and Keynesian assumptions about the shape of aggregate demand. B. Combines elements of the monetarist and Keynesian assumptions about the shape of aggregate supply. C. Maintains a constant upward slope as the economy moves through the business cycle. D. Is horizontal at all levels of output.
Demand for U.S. farm products was high during World War I.
Answer the following statement true (T) or false (F)