Suppose a person calculates his permanent income by adaptive expectations. Last year's permanent income was 54,000, this year's actual income is 44,000, j = 0.20, and k = 0.82. What is his consumption expenditure this year?

Political creative destruction is likely to be opposed:

A) equally in all types of economies. B) more in a market economy than in a command economy. C) more in an economy with inclusive institutions than in an economy with extractive institutions. D) less in an economy with inclusive institutions than in an economy with extractive institutions.

If something happens to alter the quantity demanded at any given price, then the demand curve shifts

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