Refer to the data below. What is the price elasticity of demand over the range of $8 to $10?
A. 0.11
B. 0.47
C. 1.93
D. 1.43
B. 0.47
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The part of consumption that does not depend upon the level of disposable income is
A) autonomous consumption. B) savings. C) average propensity to consume. D) saving.
According to classical economists, in an economy where people possess rational expectations, adjustments occur very slowly
a. True b. False Indicate whether the statement is true or false
According to the classical model, both prices and nominal income would double if the quantity of money
a) doubled. b) remained constant. c) tripled. d) halved.
Which of the following illustrates the store-of-value function of money?
A) writing a check to buy a new Volkswagen B) noting that the price of a $20,000 Volkswagen is 16,000 euros C) agreeing to repay a bank $400 a month for the next 48 months for a loan to buy a new Volkswagen D) keeping $20,000 in cash in your mattress instead of buying a new Volkswagen