The ratio of the price of good X on the horizontal axis to the price of good Y on the vertical axis is the ____ of the budget line
a. marginal rate
b. slope
c. marginal utility
d. equalization rate
b
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To test the effectiveness of a newly developed medicine, 300 patients suffering from a heart ailment were divided into two groups of 150 people each
One group was treated with the new medicine, while the other was treated with the existing medicine that is already widely used. In this scenario, identify the treatment group and the control grou
When inflation expectations changed during the 1967-1971 period, this change led to
A) the short-run Phillips curve shifting upward. B) the short-run and the long-run Phillips curve both shifting upward. C) an increase in the natural unemployment rate. D) the long-run Phillips curve shifting leftward. E) the long-run Phillips curve shifting rightward.
If government expenditure on goods and services increase by $100 billion, then aggregate demand
A) increases by $100 billion. B) increases by less than $100 billion. C) increases by more than $100 billion. D) remains unchanged. E) decreases by more than $100 billion.
Which of the following is not a characteristic of pure capitalism?
a. private property rights b. competitive markets c. laissez-faire policies d. central planning e. a reliance on prices to direct resources to their best uses