When calculating the price elasticity of demand, we assume that the price of the good changes while all other variables affecting
a. demand except buyers' incomes remain constant
b. demand except the population size remain constant
c. demand and supply remain constant
d. supply remain constant
e. demand remain constant
E
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The primary focus of microeconomics is
A) to study how we managed to eliminate scarcity. B) our government's monetary policy. C) to examine the behavior and operation of the individual units or sectors that make up the economy. D) the levels of employment and inflation. E) to examine the operation of the entire (aggregate) economy.
Which theory emphasizes the significance of new discoveries that can be used by many people at the same time?
A) neoclassical growth theory B) new growth theory C) classical growth theory D) None of the above answers are correct.