The economic development of a country is dependent on all of the following except
What will be an ideal response?
promoting protectionist barriers.
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When economists refer to an economy's price level, they indicate: a. the rate of inflation in that economy
b. the prices of goods and services relative to consumers' incomes. c. a composite measure of prices of all goods and services. d. a period of level, or steady, prices in that economy. e. the price of a specific consumer good.
Why are nonprofit institutions counted as businesses in the circular flow?
What will be an ideal response?
For U.S. consumers, the income elasticity of demand for fruit juice is 1.1. If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of fruit juice demanded next year?
+2.75% -27.5% +27.5% -2.75%
Money is a ________ and a transaction is a ________.
A) stock; stock
B) flow; flow
C) flow; stock
D) stock; flow