Which of the following is not a determinant of the demand sensitivity to price changes?
a. The number of producers in the market.
b. The availability of substitute goods.
c. Income level.
d. Time to adjust.
Ans: a. The number of producers in the market.
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Consumption expenditure is the payment by households for consumption of
A) goods but not services. B) services but not goods. C) goods and services. D) services and for saving.
Discuss the BRAC model and evaluate its performance in achieving the goals of economic development? Can this model be replicated in other countries?
What will be an ideal response?
The one thing that all economic models have in common is the
a. emphasis on macroeconomics b. attempt to explain market prices c. analysis of what ought to be d. use of abstraction e. ability to describe economic realities exactly
The aggregate demand curve shows the ________.
A. inverse relationship between the price level and the quantity of real GDP purchased B. direct relationship between real-balances and the quantity of real GDP purchased C. direct relationship between the price level and the quantity of real GDP produced D. inverse relationship between interest rates and the quantity of real GDP produced