The slope of a line equals the
A) change in the variable measured along the x-axis divided by the change in the variable measured along the y-axis.
B) change in the variable measured along the y-axis divided by the change in the variable measured along the x-axis.
C) change in the variable measured along the x-axis minus the change in the variable measured along the y-axis.
D) change in the variable measured along the x-axis multiplied by the change in the variable measured along the y-axis.
Ques. 2The cost of producing a good or service that is paid by people other than the producers is
A) the marginal cost.
B) represented by the demand curve.
C) represented by the supply curve.
D) an external cost.
Ques. 3In 2015, the price of peanuts was rising, which lead peanut butter buyers to expect the price of peanut butter would rise in the future.
Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) an increase in demand for peanut butter; an increase; an increase
B) an increase in supply of peanut butter; a decrease; an increase
C) a decrease in demand for peanut butter; a decrease; a decrease
D) a decrease in supply of peanut butter; an increase; a decrease
Ques. 4The equation of exchange states that the price level is equal to
A) the quantity of money.
B) velocity of circulation multiplied by the quantity of money divided by real GDP.
C) real GDP multiplied by the velocity of circulation divided by nominal GDP.
D) the velocity of circulation.
Ques. 5Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is 17.50 what is the firm's profit-maximizing output?
A) 2 tattoos per hour
B) 3 tattoos per hour
C) 4 tattoos per hour
D) 5 tattoos per hour
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