The GDP growth rate:
A. is a measure to track changes in an economy over time.
B. looks at changes in GDP across different time periods.
C. is measured as the percent change in real GDP from one time period to the next.
D. All of these statements are true.
D. All of these statements are true.
Economics
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Suppose a 4 percent increase in income results in a 2 percent decrease in the quantity demanded of a good. Calculate the income elasticity of demand for the good and determine what type of good it is
What will be an ideal response?
Economics
Milton Friedman first proposed the hypothesis that individuals consume a fraction of their expected, or ________, income
A) disposable B) net C) attainable D) permanent E) life-cycle
Economics