The definition of cross elasticity of demand for two products X and Y is
a. percentage change in quantity of X demanded/percentage change in quantity of Y demanded.
b. percentage change in price of Y/percentage change in quantity of X demanded.
c. percentage change in price of Y/percentage change in price of X.
d. percentage change in quantity of X demanded/percentage change in price of Y.
d
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A $1.5 trillion increase in investment leads equilibrium expenditure to increase from $7.0 trillion to $10.5 trillion. In this case, the expenditure multiplier is
A) 7.00. B) 4.67. C) 2.33. D) 1.50. E) 10.5.
A consumer is said to be indifferent between two consumption bundles
A) when the consumer doesn't care about his or her consumption bundle. B) when the two bundles provide equal amounts of utility. C) when the consumer chooses the bundles equally often. D) when the consumer is indecisive.
The federal government of the United States was established as a federation of the governments of the original thirteen states
a. True b. False
If you based your estimate on how long it took poor regions of the United States to catch up to the per capita incomes of the rest of the nation, how long do you believe it would take Eastern Europe to obtain per capita incomes comparable to those of Western Europe?
a. About one year. b. About five to ten years. c. About twenty five years. d. Several generations.