All of the following are components of aggregate demand EXCEPT
A) consumption spending.
B) government purchases.
C) the level of technology.
D) net foreign spending on domestic production.
C
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A change in the price of one good cannot leave utility unchanged unless the price change is accompanies by a change in income.
Answer the following statement true (T) or false (F)
If the income elasticity of food is 0.72, then food is
A) a necessity and a normal good. B) a normal good. C) a necessity. D) an inferior good.
The main goal of antitrust policy is to
A. prevent the monopolization of industries. B. induce firms to produce at the MR = MC level. C. prevent the nationalization of industries. D. regulate natural monopolies.
Refer to the data. Suppose quantity supplied declined by 23 units at each price, changing the equilibrium price in a direction and amount for you to determine. Over that price range, demand is:
A. elastic.
B. inelastic.
C. perfectly elastic.
D. perfectly inelastic.