Refer to the diagram to the right. According to the? diagram, at what point is aggregate expenditure greater than? GDP?

The most basic concept in economics is

A) wealth. B) income. C) scarcity. D) spending.

If a 10 percent wage increase in a particular labor market results in a 5 percent decline in employment in that market, labor demand is:

A. unit-elastic. B. elastic. C. inelastic. D. perfectly elastic.