A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending
A) an autonomous; an induced B) an induced; an autonomous
C) a contractionary; an expansionary D) an expansionary; a contractionary
B
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Given the inverse demand function P(Q) = 250 - Q, what is the demand function?
A. Qd = D(P) = 250 - P B. Qd = D(P) = 250/P C. Qd = D(P) = P + 250 D. Qd = D(P) = 250 + P
By 2013, how many European countries were members of the European Union?
A) 12 B) 15 C) 27 D) 57
________: a measure of the relative response of consumption of a good or service to changes in price
Fill in the blank(s) with correct word
Suppose an exhaustible resource can be sold only this period or in the next period. The marginal cost of extraction is constant and equal to $10. The next year price of the resource is $115, respectively. The interest rate is 5%. What is the minimum current price required to make the sale of the resource profitable in the current period?
A) $95 B) $100 C) $110 D) $125