A measure of the responsiveness of the demand for one good to the percentage change in the price of another good is
A) price elasticity of demand.
B) price elasticity of supply.
C) cross price elasticity of demand.
D) income elasticity.
C
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When we graph consumption as a function of national income rather than as a function of ________, the slope of this consumption function is the ________
A) disposable income; MPC B) personal income; MPS C) disposable income; MPS D) personal income; MPC
Scarcity affects
A) only rich people. B) only poor people. C) only middle income people. D) all people.
Between 1890 and 1914, the gold stock of the world _______________ and world prices (in general)
A) doubled; increased. B) tripled; increased. C) rose by 50%; increased. D) doubled; decreased. E) tripled; decreased.
From a macroeconomic perspective, the problem of low household saving has probably been overstated because:
A. household saving has been increasing steadily over the last three decades. B. it is national saving, not household saving, that allows an economy to accumulate new capital. C. household saving is not related at all to an economy's ability to accumulate new capital. D. household saving represents a smaller share of national saving than does public saving.