If the variable on the vertical axis increases by 24 and the variable on the horizontal axis decreases by 3, the slope of the line is:
A. -24.
B. -8.
C. 3.
D. 72.
Answer: B
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Supply curves usually slope upward because producers face increasing opportunity costs when increasing output
a. True b. False
If there are constant returns to scale, the production function can be written as
a. xY = 2xAF(L, K, H, N). b. Y/L = A F(xL, xK, xH, xN). c. Y/L = A F( 1, K/L, H/L, N/L). d. L = AF(Y, K, H, N).
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; raise; decline B. decline; lower; expand C. increase; raise; decline D. decline; lower; decline
Suppose that the percentage change in demand is -20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price?
A. -4% B. 4% C. 100% D. -100%