Input-output analysis was developed by Wassily Leontief
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Gasoline and heating oil are examples of products which are
A) joint products in fixed proportions. B) joint products in variable proportions. C) joint products that are complements. D) unrelated to each other.
Using supply and demand analysis, which of the following is true?
a. The burden of a tax on production cannot be determined on the basis of who actually pays the tax. b. The burden of a tax on production is always split evenly between consumers and sellers. c. Consumers bear the entire burden of a per unit tax on production. d. Sellers bear the entire burden of a per unit tax on production.
The circular flow diagram of economic activity is a model of the
a. flow of goods, services, and payments between households and firms. b. influence of government on business behavior. c. role of unions and government in the economy. d. interaction among taxes, prices, and profits.
Refer to the diagram and assume that price increases from $2 to $10. The coefficient of price elasticity of demand (midpoint formula) relating to this change in price is about:
A. .25 and demand is inelastic.
B. 1.5 and demand is elastic.
C. 1 and demand is unit elastic.
D. .67 and demand is inelastic.