The percentage change in the demand for film divided by the percentage change in the price of cameras indicates
a. the cross-price elasticity of demand between film and cameras
b. the cross-price elasticity of demand for photographs
c. the price elasticity of demand for film
d. the price elasticity of demand for cameras
e. nothing because the two goods fall into the broadly defined category of photographic equipment
A
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The slope of the AE curve is .80. What is the expenditure multiplier? Everything else the same, by how much does equilibrium aggregate expenditure increase if
a. exports increase from $1.75 trillion to $2.25 trillion? b. government expenditure on goods and services decrease from $2.0 trillion to $1.8 trillion? c. investment increases from $1.2 trillion to $2.3 trillion?
All of the following are necessary criteria for a commodity to function as money EXCEPT
A) it must deteriorate quickly. B) it must be divisible. C) it must be easy to carry. D) it must be widely accepted.
Work is an attractive use of your time
a. if the utility of consumption made possible by work exceeds the disutility of work itself b. whenever you are paid a wage equal to or greater than the minimum wage c. whenever you derive utility from the consumption made possible through work d. unless time spent working is a source of disutility e. only when marginal utility is negative for an additional unit of leisure
Milton Friedman is widely considered to be the father of monetarism
a. True b. False Indicate whether the statement is true or false