In the above figure, equilibrium expenditure is equal to
A) $5 trillion.
B) $10 trillion.
C) $20 trillion.
D) $15 trillion.
E) None of the above answers is correct
D
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A Comparison of Macroeconomic Views
The slope of the curve at point B
A) is less than the slope at point A. B) is equal to the slope at point A. C) is greater than the slope at point A. D) cannot be compared with the slope at point A. E) can be compared with the slope at point A, but more information is needed to determine if the slope is greater than, less than, or equal to the slope at point A.
The price elasticity of demand is measured by the
A) percentage change in quantity demanded divided by the percentage change in price. B) percentage change in price divided by the percentage change in quantity demanded. C) change in quantity demanded divided by the change in price. D) change in price divided by the change in quantity demanded.
The increased costs of transactions caused by inflation are known as _____
a. menu costs b. shoe-leather costs c. unit-of-account costs d. direct costs