A Time-Series Graph Displays the Price of Copper

question 55

Multiple Choice

A time-series graph displays the price of copper. The slope of the line is negative for periods when the

• A) price of copper is falling.
• B) price of copper is rising.
• C) quantity of copper is falling.
• D) price of copper is low and not changing.

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Definitions:

Circular-Flow Diagram

A Circular-Flow Diagram is a visual model of the economy that shows how dollars flow through markets among households and firms.

Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Factors of Production

The factors of production include land, labor, capital, and entrepreneurship, which are the resources used in the process of producing goods and services.

Real GDP

An evaluation of the economic output's value, after accounting for changes in prices because of inflation or deflation, demonstrating the genuine amount of goods and services produced.