The expenditure components of GDP include all of the following except
A) consumption.
B) investment.
C) net exports.
D) net factor payments.
D
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Price elasticity of demand measures
A) how responsive sales are to a change in buyers' incomes. B) how responsive quantity demanded is to a change in price. C) how responsive sales are to changes in the price of a related good. D) how responsive suppliers are to price changes.
Spending VCU4 on real-world goods and services causes the nation's:
a. Monetary base to remain the same. b. M2 money supply to fall. c. Monetary base to fall. d. M2 money supply to rise.
When analyzing a problem, if an economist is attempting to understand what the future implications of an action are without considering whether or not the action was fair or just, the economist is thinking
A. negatively. B. normatively. C. justifiably. D. positively.
When elasticity is 0.1, demand is
A. elastic. B. inelastic. C. unit elastic. D. undefined.