When economists say investment is autonomous, they mean that investment is independent of the level of saving

How did Adam Smith explain the cause of the wealth of nations?

A) The growth of the middle class B) The growth in the average level of prices C) The growth of the division of labor D) People's unending urge to consume

Which of the following describes a situation in which demand must be inelastic?

a. The price of pens rises by 10 cents, and quantity of pens demanded falls by 50. b. The price of pens rises by 10 cents, and total revenue rises. c. A 20 percent increase in the price of pens leads to a 20 percent decrease in the quantity of pens demanded. d. Total revenue does not change when the price of pens rises. e. Total revenue decreases when the price of pens rises.