Which of the following algebraic forms of a demand curve yields an isoelastic demand curve (i.e. a demand with constant elasticity)?
A. Q = a - bP + cI
B. log(Q) = a - b log(P) + c
log(I)
C. Q = a - b log(P) + c
log(I)
D. log(Q) = bP + cI
B. log(Q) = a - b log(P) + c
log(I)
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The oversimplified multiplier formula assumes that the
A. level of consumption spending is fixed. B. price level is fixed. C. government spending is fixed. D. net exports depend on income.
Money ________
A) is always composed of coins and paper B) loses its value as it becomes older C) requires a double coincidence of wants D) is any commodity that is generally acceptable as a means of payment
Refer to Figure 11-4. Which of the following combinations of points illustrates changes in the Soviet Union's economy from 1950 to 1980?
A) A to B to C B) B to D C) B to E D) E to B
Why is it difficult for one country to determine if another country is guilty of the practice of dumping?
What will be an ideal response?