If a 10% increase in price increases the quantity supplied by 15%, the price elasticity of supply is 0.67.
Answer the following statement true (T) or false (F)
False
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The savings rate designates:
A) the difference between household consumption and savings. B) the difference between government revenue and government expenditure. C) the rate of return households earn on their savings. D) the fraction of income that households save.
During a(n) ________ many firms experience increased profits, which increases ________ and investment spending
A) expansion; cash flow B) recession; cash flow C) recession; business confidence D) expansion; government spending
Explain the difference between GDP and GNP
What will be an ideal response?
Refer to the graph shown. If this graph represents a competitive market, the equilibrium price and quantity will be:
A. $13.50 and 325, respectively. B. $10 and 500, respectively. C. $7 and 750, respectively. D. $7 and 325, respectively.