Refer to the graph shown. The approximate elasticity of segment AC is:
A. 1/2.
B. 3/2.
C. 2/3.
D. 1/3.
Answer: C
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The measure of income received by persons from all sources is known as
a. personal income. b. national income. c. gross domestic product. d. net national product.
John Maynard Keynes did NOT accept the classical assumption that
A. full employment is the natural state of the economy. B. money balances are held only for transaction purposes. C. interest rates do not affect the quantity of money demanded. D. Keynes did not accept any of the above assumptions.
Marvin’s country has a very small amount of capital. If his country adds a single unit of capital, the result will be a relatively ______ in output.
a. large decrease b. minor increase c. large increase d. minor decrease
To adjust nominal GDP for a given year to obtain real GDP, it is necessary to divide nominal GDP by the price index (expressed in hundredths) for that year.
Answer the following statement true (T) or false (F)