Price ________ measures the responsiveness of the quantity of a good demanded or supplied to a change in its price.
a. setting
b. elasticity
c. locking
d. consistency
b. elasticity
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In the study of macroeconomics, production leads to income, and income leads to production in a continuing cycle
Indicate whether the statement is true or false
If unplanned inventory changes are positive, what is the relationship between aggregate planned expenditure and real GDP?
What will be an ideal response?
Which of the following is not an advantage of fiscal federalism?
a. It allows people to "vote with their feet." b. It facilitates intergovernmental comparisons. c. It increases the ability of government to bargain with bureaucracies. d. It can limit the costs of government programs to those who benefiting from them.
The sum of internal and external costs is
A) externalities. B) social costs. C) internalities. D) private costs.