Which of the following statements describes a supply curve?
a. A supply curve is a graphic illustration of the relationship between supply, shown on the vertical axis, and demand, shown on the horizontal axis.
b. A supply curve is a graphic illustration of the relationship between price, shown on the horizontal axis, and quantity, shown on the vertical axis.
c. A supply curve shows the same information as a supply schedule.
d. A supply curve shows the same information as a demand schedule.
c. A supply curve shows the same information as a supply schedule.
A supply curve is a graphic illustration of the relationship between price, shown on the vertical axis, and quantity, shown on the horizontal axis. The supply schedule and the supply curve are just two different ways of showing the same information.
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The poverty gap is the
a. absolute number of people below the international poverty line. b. percentage of the population below the international poverty line. c. consumption (measured in dollars) necessary to bring everyone living below the poverty line up to the poverty line. d. percentage of a country's total consumption necessary to bring everyone in the country living below the poverty line, up to the poverty line.
Which of the following is an effect of an increase in the price level in an economy?
What will be an ideal response?
Explain how businesses decide how much labor to hire in order to produce a certain level of output
What will be an ideal response?
The possibility that changes in the value of a nation's currency will result in variations in the market value of a business's assets is referred to as
A. conversion risk. B. foreign exchange risk. C. hedge risk. D. transaction risk.