Price Per UnitQuantity Demanded Per Unit of Time$2012$1817$1620$1424$1230$1036$840$644$448Refer to the above data. Over which price range is the price elasticity of demand elastic?
A. $10-$12
B. $4-$6
C. $12-$14
D. $6-$8
Answer: C
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A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good
A. 2; normal B. –2; inferior C. 1/2; normal D. 2; inferior
At higher interest rates, fewer people or firms will want to borrow. At lower interest rates, fewer people or firms will want to save
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying figure. 
Based on the Keynesian cross diagram, at short-run equilibrium output,
A. firms will be producing more than they can sell. B. there is a recessionary gap. C. there is an expansionary gap. D. output equals potential output.
Which of the following transactions is included in the GDP?
A. giving your friend a gift worth of $20 B. cleaning your own house C. paying a doctor for a medical checkup D. selling your 2018 Tesla vehicle