The long-run growth framework focuses on factors affecting:
A. the business cycle.
B. incentives to spend.
C. both supply and demand.
D. incentives to produce.
Answer: D
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Explain the relationship between real GDP and potential GDP and between the unemployment rate and the natural unemployment rate as the economy moves through a business cycle
What will be an ideal response?
The demand curve in the figure above illustrates a product whose demand has a price elasticity of demand equal to
A) zero at all prices. B) infinity. C) one at all prices. D) a different amount at different prices.
Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPad tablet. Suppose when the price of an iPad decreases by 20 percent, the number of songs downloaded on iTunes increases by 30 percent
Based on this information iTunes are A) a normal good. B) an inferior good. C) substitutes for iPads. D) complements to iPads.
Since an individual spends a small share of the income on salt, the elasticity of demand is likely to be low.
Answer the following statement true (T) or false (F)