If the slope of a straight line is 4 and if X (the variable on the horizontal axis) increases by 12, then Y (the variable on the vertical axis) will
A. decrease by 3.
B. increase by 3.
C. decrease by 0.33.
D. increase by 48.
Answer: D
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If there are increasing returns to scale, then it makes sense to consolidate operations into one production facility
A) if production above domestic demand can be exported. B) only if the consolidation creates an absolute advantage versus other trading partners. C) if the government subsidizes production. D) Never, because then you lose the possibility of comparative advantage gains between the production facilities.
Figure 33-8
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In Figure 33-8, which of the following movements reflects the closing of an inflationary gap through the economy’s self-correcting mechanism?
A. A to B B. A to C C. C to E D. D to E
A logical starting point from which the study of international trade begins is
a. the recognition that not all markets are competitive. b. the recognition that government intervention in markets sometimes enhances the economic welfare of the society. c. the principle of absolute advantage. d. the principle of comparative advantage.
Compared to 1981, the poor now pay a
A. larger fraction of their income in taxes than the top 10 percent of income earners. B. smaller fraction of their income in federal taxes. C. larger fraction of their income in taxes than the middle 50 percent of income earners. D. larger fraction of their income in federal taxes.