What does elasticity measure?
What will be an ideal response?
Elasticity measures the response in one variable when another variable changes.
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In 2010, of the following ________ had the highest real GDP per person
A) Japan B) Canada C) the Europe Big 4 countries D) the United States
If the value of the domestic currency depreciates:
a. Aggregate demand rises and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls and aggregate supply rises. d. Aggregate demand rises and aggregate supply rises. e. Aggregate demand falls and aggregate supply falls.
A rational decision maker takes an action if and only if the marginal benefit exceeds the marginal cost
a. True b. False Indicate whether the statement is true or false
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.