The price elasticity of demand is equal to the ________ in the ________ divided by the ________ in the ________
A) percentage change; price; percentage change; quantity demanded
B) change; price; change; quantity demanded
C) percentage change; quantity demanded; percentage change; price
D) change; quantity demanded; change; price
C
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Explain how GDP is measured according to the expenditure and income approaches
What will be an ideal response?
The owners will shut down a perfectly competitive firm if the price of its good falls below its minimum
A) average total cost. B) average marginal cost. C) average variable cost. D) wage rate.
According to the Quantity Theory of Money, the excessive printing of currency (the issuance of greenbacks and national bank notes) generated the post-Civil War increases in
(a) productivity. (b) prices. (c) production. (d) rising real wages and incomes for all individuals.
Supply-side economists believe that a reduction in the tax rate
a. always decrease government tax revenue. b. shifts the aggregate supply curve to the right. c. provides no incentive for people to work more. d. would decrease consumption.