The result of the calculation of the price elasticity of demand is
A) always positive.
B) always negative.
C) sometimes positive, sometimes negative.
D) always greater than one.
Answer: B
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The chain-weighted output index
A) uses only the current year's prices to calculate growth in real GDP. B) uses prices for the current year and the previous year to calculate growth in real GDP. C) must be calculated only every other year. D) is an inaccurate way to measure growth in real GDP and so has been replaced by the "nominal-to-real" index.
Some of the most renowned examples of hyperinflation occurred in Austria, Hungary, Germany and Poland shortly after
A) the collapse of the Austro-Hungarian Empire. B) World War I. C) World War II. D) the fall of the Berlin Wall.
If a company offers a discounted price to college students, the legality of the practice will be evaluated under Section ________ of the Clayton Act.
A) 2 B) 3 C) 7 D) 8
For an economy, aggregate demand equals
a. consumption plus investment plus government purchases plus exports. b. consumption plus investment plus government purchases plus (exports minus imports). c. consumption plus investment plus (taxes minus transfers) plus (exports minus imports). d. consumption plus investment plus government purchases plus (imports minus exports).