Answer the following statements true (T) or false (F)
1. The slope of a graph relating two variables is -5. This indicates that as one variable decreases, the other variable also decreases.
2. In the graph for the linear equation S = 15 - 5T, with T on the horizontal axis, the vertical intercept of the graph is -5.
3. In a curved graph that is dome-shaped, the tangent line at it maximum or highest point has an infinite slope.
4. A market system is characterized by the private ownership of resources and the use of prices to coordinate economic activity.
1. Answer: False
2. Answer: False
3. Answer: False
4. Answer: True
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Marginal utility theory predicts that when the price of one good rises, the demand for another good is a substitute increases. This change occurs because of
A) an increase in the marginal utility per dollar from the substitute good. B) an increase in the marginal utility of the substitute good. C) a decrease in the marginal utility per dollar from the good whose price has risen. D) a decrease in the marginal utility of the good whose price has risen.
Refer to the graph shown for a small country that is a price taker internationally.
Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit. Starting from a free trade equilibrium, a tariff in the amount of $2 per unit would be expected to cause domestic consumption to:
A. decrease from 7,400 to 6,100. B. decrease from 4,800 to 3,600. C. increase from 2,400 to 7,400. D. increase from 2,400 to 3,600.
The term "labor" for an economist includes
A) all skilled workers, but not the unskilled workers. B) all productive contributions of humankind. C) only the value of the work done by scientists. D) all employees who have high school diplomas.
In the short-run, demand-pull inflation increases:
A. Real wages, but in the long run only nominal wages B. Nominal wages, but in the long run only real wages C. Real output and the price level, but in the long-run only real output D. Real output and the price level, but in the long-run only the price level