The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury
Indicate whether the statement is true or false
FALSE
Economics
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Which of the following equations correctly lists the component parts of GDP?
a. GDP = C + I – G + (X + M) b. GDP = C + I + G + (X + M) c. GDP = C + I + G + (X – M) d. GDP = C + I + (X – M) e. GDP = C + I + G
Economics
Suppose consumers expect the price of a good to be higher in the future than it is today. Would the current demand for the good increase or decrease?
Economics