As incomes rise, the income elasticity of demand for food
a. falls below one
b. becomes equal to one
c. rises above one
d. remains stable
e. cannot be calculated
A
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If real GDP increases by 6 percent and at the same time the population increases by 2 percent, then real GDP per person grows by
A) 3 percent. B) 6 percent. C) 8 percent. D) 4 percent. E) 2 percent.
The fact that government has a monopoly on force _____
a. means that government can protect individual rights but is strong enough to violate them b. means that government can protect individuals rights yet is strong enough not to violate them c. means that individuals have secure and well-defined property rights d. means that individuals need not worry about threats from other governments
If the short run elasticity of supply for a product is 0.8, in the long run elasticity, supply: a. Is inelastic
b. Is unit elastic. c. Is inelastic. d. Any of the above could be true of the product's long run elasticity of supply.
Much of the U.S. debt is held internally.
Answer the following statement true (T) or false (F)