Which of the follow is not a property of the aggregate demand curve?
A. It shows the relationship between the overall price level and the level of total demand.
B. The aggregate demand curve slopes downward.
C. It shows the relationship between the overall price level and level consumption.
D. It shows the price level on the vertical axis and output on the horizontal axis.
Answer: C
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Currency devaluations hurt consumers because they make imports ________ expensive
a. Less b. More c. All of the above d. None of the above
Inelastic demand implies
A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded. C) that a one percent cut in price results in a larger than one percent increase in quantity demanded. D) that a one percent decrease or increase in price induces no change in total revenue.