Figure 7-6
In the price range between $3 and $4, the price elasticity of the demand curve depicted in is
a.
highly elastic.
b.
approximately equal to -0.33.
c.
approximately equal to -3.
d.
of unitary elasticity.
b
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The actual income distribution might be more equal than current official figures suggest because current official figures ignore the return on human capital
Indicate whether the statement is true or false
If the overall unemployment rate is 8 percent, it is likely that:
a. It is greater than 8 percent for teenagers b. It is less than 8 percent for college=educated middle-aged men. c. It is more than 8 percent for those without a high school diploma. d. All of the above are true.
An economic contraction caused by a shift in aggregate demand causes prices to
a. rise in the short run, and rise even more in the long run. b. rise in the short run, and fall back to their original level in the long run. c. fall in the short run, and fall even more in the long run. d. fall in the short run, and rise back to their original level in the long run.
Suppose that aggregate consumption is $1,000,000, aggregate investment is $200,000, government spending is $300,000, the value of exports is $100,000, and the value of imports is $200,000. What is the value of Gross Domestic Product (GDP)?
What will be an ideal response?