The idea of continuous economic growth as a "perpetual motion machine" best reflects the prediction of which growth theory?
A) no growth theory
B) the classical growth theory
C) the traditional growth theory
D) the Keynesian growth theory
E) the new growth theory
E
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If the price of a soda increases from 75¢ to $1.00 and as a result the quantity demanded of sodas decreases from 10 to 9 per week, the elasticity of demand for sodas equals
A) 2.72. B) 0.37. C) 0.83. D) 1.20.
Aggregate demand is the total demand for the final goods and services produced in an economy
a. True b. False Indicate whether the statement is true or false
For the cost function C(Q) = 50 + 4Q + 2Q2, the total variable cost of producing 7 units of output is:
A. 126. B. 32. C. 102. D. None of the answers are correct.
The demand for good X has been estimated to be ln Qxd = 100 ? 2.5 ln PX + 4 ln PY + ln M. The advertising elasticity of good X is:
A. 0.0. B. 1.0. C. ?2.5. D. 4.0.