________: a measure of the relative response of demand to income changes
Fill in the blank(s) with correct word
Income elasticity
You might also like to view...
The food processing industry in Richland accounts for 20% of its GDP
Which of the following will happen if firms in this industry become pessimistic about the future demand for their products? Assume that consumption and government expenditure remains unchanged. A) Richland's unemployment rate will fall. B) Richland's interest rate will increase. C) Richland's inflation rate will increase. D) Richland's GDP will fall.
Suppose MRTS is not the same across all producers. In this case, the economic outcome is not fully efficient because:
A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above
All of the following make the demand for labor more elastic EXCEPT
A) greater elasticity of demand for the final product. B) the longer the time period under consideration. C) the smaller the proportion of total costs accounted for by labor. D) the easier it is to substitute another input for labor.
Which word or phrase indicates that an economist is using positive economics?
a. Bad b. Good c. If-then d. Should