The definition of cross-elasticity of demand with regard to two products X and Y is:
a. the percentage change in the quantity of X demanded divided by the percentage change in the quantity of Y demanded.
b. the percentage change in the price of Y divided by the percentage change in the quantity of X demanded
c. the percentage change in the price of Y divided by the percentage change in the price of X.
d. the percentage change in the demand of one good (good X) divided by the percentage change in the price of another good (good Y).
d
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Macroeconomic models use abstract concepts such as "price level" and "national income" that are calculated by combining many markets into one. This process is known as
a. analysis and synthesis. b. integration and derivation. c. conceptualization. d. aggregation.
The split between the AFL and the CIO in 1935 had to do with
A. whether unions were to be organized along craft lines or industry lines. B. whether the unions were to pursue political goals or economic goals. C. communist influence in the American labor movement. D. corruption in the American labor movement.
The purpose of antitrust laws is to ______ concentrations of market power and ______ competition.
A.) increase; increase B.) decrease; decrease C.) increase; decrease D.) decrease; increase
Recall the Application the Joint Committee on Taxation and how Congress accounts for the dynamic effects of its policies to answer the following questions.According to the Application, the Trump Tax cuts would have increased the deficit by ________ billion after taking into account the dynamic effects.
A. $451 B. $159 C. $1456 D. $641