According to the theory of creative destruction,
a. hurricanes and tornadoes stimulate the economy
b. technological change destroys competitive markets
c. monopolies engage in self-destructive behavior
d. competition between industries can break a monopoly
e. price wars break out when new products are introduced
D
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Why is the aggregate demand curve downward sloping while the aggregate expenditure line is upward sloping?
What will be an ideal response?
When purchases of tennis socks decline following an increase in the price of tennis sneakers (other things remaining equal), the relationship between these two items can be described as
A) substitutable. B) complementary. C) unique. D) ordinary.
If the marginal propensity to consume (MPC) is 0.75, the value of the spending multiplier is:
a. 0. b. 1. c. 4. d. 5.
If 1 US dollar costs 1.25 Euros, then 1 Euro must cost _____ US dollars
a. 0.5 b. 0.8 c. 1.0 d. 1.25 e. 1.5