The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income elasticity of wheat
A) is 2 ? (1000/2099).
B) is 2.
C) is 1/2 ? (1000/2099).
D) cannot be calculated from the information provided.
A
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The value of the films starring Charlie Chaplin produced in the United States that still exist will not be included in this year's U.S. gross domestic product (GDP) because: a. Charlie Chaplin was not an American citizen
b. Charlie Chaplin did not make the films this year. c. the films earn less revenue. d. the films no longer have any value except to collectors. e. films are intermediate goods.
The position of the long-run aggregate supply curve corresponds to the economy's: a. full-employment real GDP
b. maximum possible level of employment. c. natural level of personal consumption expenditure. d. maximum possible level of personal consumption expenditures. e. maximum possible price level.
Which of the following statements is not true?
A. Ozone remains a pervasive problem in the United States. B. The United States suffers the worst air quality during winter months. C. Since the 1980s, there has been a downward trend in ambient concentrations of sulfur dioxide, carbon monoxide, and lead in the United States. D. Improperly dumped toxic substances can cause cancer and threaten overall health.
The law of demand is illustrated by a demand curve that is:
A. horizontal. B. downward-sloping. C. vertical. D. upward-sloping.