While demand shifts have an effect on equilibrium price and quantity, supply shifts have no such effect
a. True
b. False
Indicate whether the statement is true or false
False
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What problems arise from the CPI bias?
What will be an ideal response?
In this problem, demonstrate your knowledge of percentage rates of change of an entire demand function (HINT: %?Q = EP•%?P + EY•%?Y). You have found that the price elasticity of motor control devices at Allen-Bradley Corporation is -2, and that the income elasticity is a +1.5 . You have been asked to predict sales of these devices for one year into the future. Economists from the
Conference Board predict that income will be rising 3% over the next year, and AB's management is planning to raise prices 2%. You expect that the number of AB motor control devices sold in one year will: a. fall .5%. b. not change. c. rise 1%r. d. rise 2%. e. rise .5%.
We state that the evidence __________________ if evidence is consistent with a theory's predictions
A) fails to reject the theory B) proves the theory is correct C) proves the theory is invalid D) none of the above
The theory of population of _____ predicted that the world's population would increase faster than the food supply.
A. Thomas Robert Malthus B. Mancur Olson C. Lester Thurow D. Edward Denison