The slope of a nonlinear function at some particular point
a. is the slope of the straight line that is tangent to the function at that point.
b. is the slope of the straight line connecting the origin and the point.
c. cannot be determined.
d. is constant for the entire function.
a
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If an economy is in an equilibrium with an inflationary gap, policymakers can use
A) discretionary fiscal policy and decrease government expenditure. B) automatic fiscal policy and increase government expenditure. C) discretionary fiscal policy and cut taxes. D) automatic fiscal policy and cut taxes. E) discretionary fiscal policy and increase government expenditure.
The accounting framework used in measuring current economic activity is called
A) the U.S. expenditure accounts. B) the national income accounts. C) the flow of funds accounts. D) the balance of payments accounts.
Assume the price of good Y with its quantity measured on the vertical axis is $20 and the price of good X with its quantity measured on the horizontal axis is $5 . If the consumer's budget is $100, then the absolute value of the slope of the budget line is:
a. 100. b. 20. c. 1/4. d. 4.
If the slope of an indifference curve between two goods decreases as we move from left to right (dropping all minus signs), we infer that the consumer
a. is less willing to trade away a good when he has a lot of it. b. is more willing to trade away a good when he has a lot of it. c. always tries to keep the percentage of his budget spent on each good constant. d. views one of the goods as inferior.