Assume the demand function for a particular good can be written as P = 150 - 6Q. When P = 12, the point elasticity of demand equals 2.08
Indicate whether the statement is true or false
FALSE
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The two basic markets shown by the simple circular flow model are
A. product and resource. B. capital goods and consumer goods. C. free and controlled. D. household and business.
When wealth ________, saving supply ________, and the supply of loanable funds curve shifts ________
A) increases; increases; rightward B) decreases; decreases; leftward C) increases; increases; leftward D) increases; decreases; leftward E) decreases; decreases; rightward
Which of the following is considered in the AS/AD model but was not considered in the short-run macro model?
a. The effect of price changes. b. The effect of interest rate changes. c. Increases in government spending. d. Monetary policy. e. Decreases in government spending.
The most important growth obstacle common to all DVCs is the lack of desire to increase their standards of living.
Indicate whether the statement is true or false.