Demand shifts due to changes in price
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose Joe purchases 10 lottery tickets per month when his monthly income is $200. Joe receives a raise at work, giving him an extra $40 per month in take-home pay, and Joe now purchases 15 lottery tickets per month. What is Joe's income elasticity of demand for lottery tickets?
a. 2.5 b. 1. c. 0.4. d. 0.25.
In the above figure, the line represented by the "2" is the
A) average fixed cost. B) average variable cost. C) total cost. D) average total cost.
When we add the up value of all capital goods, we determine
a. private investment b. the capital stock c. a flow phenomenon d. GDP e. inventory
If a nation is experiencing an inflow of capital and a balance of trade deficit, this is a problem if
a. the capital inflow is channeled into productive projects. b. the capital inflow is channeled into unproductive projects. c. the country's rate of unemployment is low. d. the investment rate of the country is already high.