If you'd "walk a mile for a Camel cigarette," your elasticity of demand for Camels is ___________.
Fill in the blank(s) with the appropriate word(s).
inelastic
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In the aggregate expenditure (AE) model, the economy is driven to its equilibrium by changes in
A) autonomous expenditures that are the result of changes in real GDP. B) investment that are the result of changes in real GDP. C) induced expenditures that are the result of changes in real GDP. D) net taxes that are the result of changes in real GDP. E) government expenditures on goods and services that are the result of changes in real GDP.
If absolute PPP holds, then the real exchange rate must equal 1
Indicate whether the statement is true or false
If you and your friends are still looking for a job eighteen months after graduation, even after lowering your expectations, you're probably living in the business cycle phase of a
a. recession b. peak c. boom d. recovery e. prosperity
When the price of oysters decreases 25%, quantity demanded is unchanged. The price elasticity of demand for oysters is
A. unitary elastic. B. inelastic. C. elastic. D. perfectly inelastic.