Moving up (to the left) along a linear demand curve, the price elasticity of demand
A) decreases.
B) does not change.
C) increases.
D) at first increases and then decreases.
C
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Economists recognize that because people have limited resources:
A. government intervention is necessary. B. our future is bleak. C. they have to make trade-offs. D. they will never be happy.
The IS curve will shift down and to the left when
A) desired saving declines. B) government purchases increase. C) consumption increases. D) the expected future marginal product of capital declines.
The unreported or illegal production of goods and services in the economy that is not counted in GDP is called
a. money laundering b. the underground economy c. net personal disposable income d. indirect national income e. unreported capital consumption
If you pay a very high price for a good or service, you _____ (are/are not) getting ripped off.
Fill in the blank(s) with the appropriate word(s).