The percentage change in the quantity demanded in response to a percentage change in the price is known as the
A) slope of the demand curve.
B) excess demand.
C) price elasticity of demand.
D) All of the above.
C
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Use the following table with data for a private open economy (no government) to answer the next question.All figures are in billions of dollars. Real GDPC + INet Exports$400$420$20450460205005002055054020600580206506202070066020If the investment in this economy is independent of income GDP, then a $10 increase in its net exports would increase its equilibrium real GDP by
A. $25. B. $200. C. $100. D. $50.
Suppose that 50 ice cream cones are demanded at a particular price. If the price of ice cream cones rises from that price by 4 percent, the number of ice cream cones demanded falls to 46 . Using the midpoint approach to calculate the price elasticity of demand, it follows that the
a. demand for ice cream cones in this price range is elastic. b. demand for ice cream cones in this price range is inelastic. c. demand for ice cream cones in this price range is unit elastic. d. price elasticity of demand for ice cream cones in this price range is 0.
In a nation's balance of payments, the current account includes
A. the purchases of foreign assets. B. the changes in the official reserve transaction account. C. the balance of the trade account, the balance of the services account, and net unilateral transfers. D. all of these.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.