Keynesian economists today favor a model in which the aggregate supply curve is relatively flat at low levels of real GDP and slopes downward as real GDP approaches its potential level
a. True
b. False
Indicate whether the statement is true or false
False
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Recently economists have added what factor as a major explanation of economic growth?
A) the growth rate of labor B) the growth rate in labor and capital productivity C) technology D) the growth rate of capital
Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is -.75. What is the income elasticity of demand for Tea?
A) 2.75 B) 0.36 C) -2.75 D) Unknown with the information provided
An increase in the price of a product signals consumers that there is an overage and the product should perhaps be economized on.
Select whether the statement is true or false. A. True B. False
If the price of "X" increases and you buy more "Y," then
A. "X" and "Y" are complements, and the price of "Y" will increase. B. "X" and "Y" are substitutes, and the price of "Y" will increase. C. "X" and "Y" are substitutes, and the price of "Y" will decrease. D. "X" and "Y" are complements, and the price of "Y" will decrease.