GDP generally reflects the production of social ills such as pollution.
Answer the following statement true (T) or false (F)
False
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Refer to the scenario above. Instead of the price increase, if there is a fall in price from $6 to $4, the absolute value of Gary's arc elasticity of demand for shirts is:
A) 1.2. B) 2.14. C) 4. D) 5.
When marginal cost exceeds the average variable cost, average variable cost must be increasing
a. True b. False Indicate whether the statement is true or false
If the economy is experiencing lower levels of unemployment, the short-run Phillips curve suggests that ____ additional employment can be purchased at ____ rates of inflation
a. greater; relatively low b. greater; higher c. lower; lower d. No such employment-inflation relationship is suggested by the Phillips curve.
"All else constant, consumers will purchase more of a good as the price falls." This statement reflects the behavior underlying:
A. a change in supply. B. the supply curve. C. the demand curve. D. a change in demand.