Researchers find that the income elasticity of poultry demand in Indonesia is 1.2. This implies that if income is expected to grow at 5%, then projected demand for poultry will:
a. Increase by 5%
b. Increase by 6%
c. Increase by 6.2%
d. Increase by 4.2%
b. Increase by 6%
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Which of the following is true of the long-run aggregate supply curve? a. It is vertical
b. The level of RGDP supplied does not change as the price level changes. c. The level of RGDP supplied changes with the levels of capital, land, labor, and technology available to the economy. d. all of the above
If you borrow money at a 9% nominal rate and the inflation rate is 2%, what is the real interest rate on the loan?
a. 9.0% b. 11.0% c. 7.0% d. 2.0% e. 4.5%
In the extended version of the circular flow model,
a. resources flow from the government to households b. resources flow from firms to households c. taxes flow from firms to the government d. resource payments flow from households to firms e. imports flow from firms to foreign economies
The biggest problem with the Sherman Antitrust Act of 1890 was that it was unclear what
A. "price discrimination" was. B. "tying contracts" were. C. "substantially lessen competition" meant. D. specific acts were to be considered "restraints of trade."