If $1 is worth 0.70 euros, then 1 euro is worth:
A. $7.43.
B. $1.43.
C. $7.00.
D. $0.70.
B. $1.43.
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Which of the following best defines economics?
A) Economics teaches how to limit our wants. B) Economics studies how to choose the best alternative when coping with scarcity. C) Economics helps you earn as much money as possible. D) Economics analyzes all aspects of human behavior in general. E) Economics is concerned with prices and quantities of goods and services, both at the individual level and at the industry level.
By using only the aggregate demand curve, we can determine
A) only the price level. B) only the quantity of real GDP. C) both the price level and quantity of real GDP. D) neither the price level nor the quantity of real GDP.
Equations for C, I, G, and NX are given below. If the equilibrium level of GDP is $21,500, what is the marginal propensity to consume?
C = 1,500 + (MPC)Y I = 1,000 G = 2,000 NX = -200 A) 0.67 B) 0.75 C) 0.8 D) 0.9
Demand is inelastic if
A. the quantity demanded does not change very much even if the price changes dramatically. B. the demand curve is bowed inward. C. the quantity demanded changes along with the price. D. the demand curve is bowed outward.