Top-down management of an economy by the government has consistently
A. caused double-digit increases in GDP.
B. created incentives and opportunities for businesses to expand.
C. led to low rates of economic growth.
D. produced exceptional results in economic growth.
Answer: C
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The income elasticity of demand measures
A) the income effect of a change in price. B) the responsiveness of quantity demanded to changes in income. C) how a consumer's purchasing power is affected by a change in the price of a product. D) the percentage change in the price of a product divided by the percentage change in consumer income.
The money value of all trading activity (Q) at market prices (P) is called Gross Domestic Product for a given year
Indicate whether the statement is true or false
Suppose the capital gains tax is 28 percent and you purchased a house ten years ago for $80,000. If you sold the house today you would get $140,000. Your tax liability would be
A) $39,200. B) $16,800. C) indeterminate without knowing the inflation rate. D) indeterminate without knowing the personal income tax rate.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.