Most macroeconomic variables that measure some type of income, spending, or production fluctuate closely together
a. True
b. False
Indicate whether the statement is true or false
True
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If two variables have the same rate of growth over the long run, their ratio will:
A) remain constant over the long run. B) initially decrease and then increase. C) decrease over the long run. D) increase over the long run.
The price elasticity of supply is a measure of the extent to which the quantity supplied of a good changes when the
A) cost of producing the product increases. B) quantity of the good demanded increases. C) supply increases. D) price changes. E) number of firms supplying the good changes.
What is a price ceiling?
What will be an ideal response?
As the number of substitutes for a good increases, the absolute value of its own-price elasticity
a. stays the same b. increases c. decreases d. the good becomes perfectly inelastic.