There is no difference between building a theory and evaluating a theory
Indicate whether the statement is true or false
False
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If a 5 percent decrease in income leads to a 15 percent decrease in the demand for a good, the income elasticity of demand equals
A) -1/3 and the good is an inferior good. B) 1/3 and demand for the good is income elastic. C) 3 and the good is a normal good. D) -3 and the demand for the good is income inelastic. E) 3 and the good is an inferior good.
A residual claimant with supervisory powers resolves the difficulties independent workers have in arriving at choices that affect the entire group
Indicate whether the statement is true or false
When computer manufacturers overcame the enormous 13,000 Chinese character barrier by creating a workable keyboard through voice and handwriting recognition, PCs became more accessible to the Chinese. What was the predicted effect of the events on equilibrium price and quantity of PCs sold in China?
A. The price rose and quantity fell. B. The price and quantity fell. C. The price and quantity rose. D. The price fell and quantity rose.
In the Keynesian model, whenever planned saving exceeds planned investment
A. real GDP will not be influenced. B. the interest rate will remain unchanged. C. there will be unplanned inventory depletion. D. there will be unplanned inventory accumulation.