If income rises from 6.0 trillion to 6.4 trillion, consumption rises from 5.5 trillion to 5.8 trillion. What is the slope of the aggregate expenditure line? (Assume there is neither international trade nor any government)
What will be an ideal response?
0.75
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________ emphasized that animal spirits affect GDP
A) Adam Smith B) Milton Friedman C) David Ricardo D) John Maynard Keynes
Why is opportunity cost a ratio?
What will be an ideal response?
Cici's Pizza Most pizza restaurants charge by the pie or by the slice. Cici's has found a niche by charging a flat rate for the meal and allowing as many visits to the pizza buffet as the customer desires. How does this affect the make-up of its clientele?
When the price of fresh fish increases 10%, quantity demanded decreases 5%. The price elasticity of demand for fresh fish is ________ and total revenue from fresh fish sales will ________.
A. inelastic; decrease B. elastic; increase C. elastic; decrease D. inelastic; increase