Suppose the quantity demanded of milk increases by 15% when milk prices are decreased by 3%. The price elasticity of demand for milk is

Given the consumption equation C = $500 billion + 0.80Y, an increase in national income from $6,000 billion to $7,000 billion will cause consumption to increase by

a. $800 billion b. $1,000 billion c. $1,300 billion d. $1,500 billion e. $1,800 billion

Government intervention in the economy with the goal of promoting technology-producing industries is known as patent policy

a. True b. False Indicate whether the statement is true or false