The sensitivity of one economic variable to changes in another variable is known as
a. the variability coefficient
b. elasticity
c. the sensitivity coefficient
d. the cross-variability coefficient
e. the law of demand
B
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How does an increase in the price level affect the aggregate quantity of goods and services demanded?
What will be an ideal response?
The barrier to entry that allowed Alcoa to make persistent economic profits was ownership of an essential input
Indicate whether the statement is true or false
Government policies can affect the supply of a good by: a. affecting the level of output of the good
b. affecting the cost of production of the good. c. affecting the nature of demand in the economy. d. affecting the income of the consumers.
The current account balance does NOT equal
A. net foreign investment. B. the difference between domestic product and domestic expenditure. C. the difference between government saving and government investment. D. the difference between national saving and domestic investment.