The demand curve for foreign exchange
a. slopes downward
b. slopes upward
c. is horizontal, because no individual country can influence the price of foreign exchange
d. is vertical, because no individual country can influence the price of foreign exchange
e. may slope downward or upward
A
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If the income elasticity of demand for spaghetti is -1.3, then spaghetti
A) is a normal good. B) is an inferior good. C) has an elastic demand. D) is income elastic.
The price of cabbage rises from $0.20 per pound to $0.30 per pound. The quantity of cabbage demanded falls from 800 pounds per week to 600 pounds per week. Use the midpoint formula to calculate the price elasticity of demand for cabbage
Is the demand elastic, inelastic, or unit elastic?
When taxes on the return to capital in a given economy are reduced, it causes firms to employ __________ capital goods. In terms of the production function (graphed with labor on the horizontal axis and Real GDP on the vertical axis), this then causes ____________________ which makes the LRAS curve shift ____________ resulting in ______________________
A) less; the production function to shift downward; leftward; a shrinking economy B) more; the production function to shift upward; rightward; economic growth C) more; a movement up along a given production function; rightward; economic growth D) more; a movement down along a given production function; leftward; a shrinking economy
The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)