The slope of a curve measures:
A. the change in the vertical variable in response to the change in the horizontal variable.
B. the length of the curve.
C. only the change in the horizontal variable.
D. only the change in the vertical variable.
Answer: A
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The price of cereal rises. As a result, people have cereal for breakfast on fewer days and eat eggs instead. This behavior is an example of
A) a decrease in the quantity demanded of cereal because of the substitution effect. B) an increase in the quantity demanded of eggs because of the income effect. C) a decrease in the quantity supplied of cereal because of the substitution effect. D) an increase in the quantity supplied of eggs because of the income effect.
Referring to the previous question, all else constant, a one unit increase in the price of good Y would cause the quantity demanded of good X to:
A) decrease by 2 units. B) increase by 2 units. C) decrease by 1 unit. D) decrease by 5 units.
When companies reduce their inventories
A. the amount of the change gets subtracted from the GDP. B. the amount of the change has no effect on the GDP. C. net exports go up. D. the amount of the change gets added to the GDP.
Preferred Budgets ($ in millions)45678910Number of voters (in thousands)516253022193Table 15.3Table 15.3 shows the preferred budget for a new performance center and the number of voters in a community who prefer that budget. Suppose that Dawn initially proposed $5 million while Terry proposed $9 million. Given the distribution of voters' preferences, Terry can increase her chance of being elected by proposing:
A. a greater budget than $9 million. B. a smaller budget than $5 million. C. a smaller budget toward the median budget. D. None of these