The demand for classical music is _______________ than is the demand for Beethoven's music because _______________.
A. less price elastic; classical music requires a smaller portion of one's income
B. more price elastic; classical music requires a smaller portion of one's income
C. less price elastic; the scope of the market for classical music is more broadly defined
D. more price elastic; the scope of the market for classical music is more broadly defined
C. less price elastic; the scope of the market for classical music is more broadly defined
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In a small European country, it is estimated that changing the level of capital from $8 million to $10 million will increase real GDP from $2 million to $3 million
If the number of hours worked in the labor force does not change, what does this information tell you about the slope of the per-worker production function in this range? A) The slope is -2. B) The slope is 1/2. C) The slope is 2. D) The slope is 4.
In an open economy, Y = C + I + G + NX. From this we may infer that ________
A) output is greater in an open economy than in a closed economy B) the condition for goods market equilibrium is that S = I + G + NX C) net exports can be zero only if the domestic real interest rate is equal to the world real interest rate D) if saving is greater than zero, NX cannot be zero E) none of the above
An increase in the demand for rubles causes the ruble to appreciate
a. True b. False Indicate whether the statement is true or false
Buchanan and Wagner assert that there is a political bias toward contractionary fiscal policy and not expansionary fiscal policy
Indicate whether the statement is true or false