If the percentage change in price is less than the percentage change in quantity demanded, the price elasticity coefficient is greater than 1.
Answer the following statement true (T) or false (F)
True
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Economists might be willing to accept a policy that adversely affected distribution of income if it
A. lessened income disparities. B. diminished labor productivity by a large amount. C. increased productivity by a large amount. D. were favorable to the rich.
If the economy is at full employment, then an increase in government spending:
A. would simply crowd out private spending. B. would have too large an impact on real growth. C. would cause deflation, which would increase unemployment. D. is the right fiscal policy response.
A nation's official reserve transaction account
A) is always a positive number. B) is always a negative number. C) is always equal to zero. D) compensates for the differences in the current and capital accounts.
Politicians always agree with economists about the most efficient way of doing things.
Answer the following statement true (T) or false (F)