If a 10 percent increase in income results in an 8 percent increase in the quantity demanded of a good, the income elasticity of demand equals ________ and the good is ________ good
A) 0.80; an inferior
B) 1.2; a normal
C) 0.80; a normal
D) -1.2; an inferior
D
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Platform companies may charge low prices on one side not to drive rivals out of business but to expand the market on the other side.
Answer the following statement true (T) or false (F)
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206In year 4, nominal GDP would be:
A. $60. B. $316. C. $90. D. $120.
Which of the following factors is not believed to affect output in the long run?
A) technology B) monetary policy C) the size of the labor force D) the capital stock
The system that measures the economy's overall performance is formally known as:
A. national income accounting. B. business cycle measurement. C. GDP assessment. D. final output and income statistics.