Domestic income has a ______ relationship with net export spending.
A. negative
B. positive
C. secondary
D. constant
A. negative
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If real GDP per capita doubles between 2005 and 2020, what is the average annual growth rate of real GDP per capita?
A) 4.7% B) 10.5% C) 15% D) 21%
The price of stadium seats at a baseball game increases from $20 to $30 and ticket sales fall from 45,000 per game to 35,000 per game. If other things remained constant, then it appears that the price elasticity of demand is: a. elastic
b. inelastic. c. unit elastic. d. unit inelastic. e. equal to zero.
Monopolies are characterized by all of the following, except one. Which is the exception?
a. a downward-sloping demand curve b. potential for long-run profits c. a perfectly elastic demand curve d. barriers to entry e. no close substitutes for the good produced
When modeling consumer choice, the price ratio of the two products is the:
A. demand for the two products. B. equilibrium exchange rate. C. point of tangency for equilibrium. D. slope of the budget line.