The dynamic aggregate demand and aggregate supply model assumes that potential GDP increases over time
Indicate whether the statement is true or false
TRUE
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A method of analyzing the strategic interaction that occurs between small numbers of people, firms, organizations, or countries is called
A) clinical observation. B) microdemographics. C) forensic economics. D) game theory.
If the price elasticity of demand for CSUN sweatshirts is 1.5, then
a. an increase in price will cause total consumer expenditures on CSUN sweatshirts to fall b. an increase in price will cause total consumer expenditures on CSUN sweatshirts to increase c. an increase in price will cause total consumer expenditures on CSUN sweatshirts to stay the same d. a decrease in price will cause total consumer expenditures on CSUN sweatshirts to fall e. none of the above
Rank the following goods from least to most elastic: Christian books, religious books, the Bible
A) Christian books, religious books, the Bible B) Religious books, Christian books, the Bible C) The Bible, Christian books, religious books D) The Bible, religious books, Christian books E) None of the above.
Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today?
a. The impact on both price and quantity is ambiguous. b. Price will increase; quantity is ambiguous c. Price will increase; quantity will increase d. Price will increase; quantity will decrease e. Price will decrease; quantity is ambiguous.