The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries
a. True
b. False
Indicate whether the statement is true or false
False
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What is the relationship between individual supply and market supply?
What will be an ideal response?
To an economist, ________ is anything that is generally accepted in payment for goods and services or in the repayment of debt
A) wealth B) income C) money D) credit
An elasticity is a measure of sensitivity
Indicate whether the statement is true or false
In the context of aggregate supply, the short run is defined as the period during which
a. some prices are set by contracts and cannot be adjusted. b. prices can change, but neither aggregate supply nor aggregate demand can shift. c. individuals have sufficient time to modify their behavior in response to price changes. d. quantity changes cannot occur in response to changes in relative prices.