7:46

7:46 < Back File Details Economics and Public Finance EOI 1. True or False. Downward sloping lines always have positive slopes. Explain. [2 points] 2. True or False. The income effect and the substitution effect of a price change always affect demand in the same direction. Explain. [2 points] 3. Which of the following graphs most appropriately depicts inelastic demand? [2 points] Fort-nat Text Effects 4. As a demand curve becomes more inelastic, what happens to the absolute value of the slope? [2 points] a. It increases in value b. It decreases in value c. It does not change in value d. It moves sideways in value 5. True or False. Straight demand curves have constant slopes. Explain. [2 points] 6. Describe movements along a production possibilities frontier. Be sure to provide a detailed illustration to accompany your description. [4 points] 7. Define a Pareto efficient distribution and a Pareto improvement. [4 points] 8. As society moves along a bowed-out production possibilities frontier, the opportunity cost of production: [2 points] a. Increases b. Decrease c. Remains constant d. Moves sideway pr...us Dashboard Calendar Notifications Inbox