The demand for health care in industrially advanced economies is:
A. highly elastic with respect to both price and income.
B. highly inelastic with respect to both price and income.
C. highly elastic with respect to income but highly inelastic with respect to price.
D. about unit elasticity with respect to income and relatively inelastic with respect to price.
Answer: D
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If the aggregate expenditure line shows, for a given price level, how planned spending relates to the level of real GDP in the economy, then which of the following is true?
a. The quantity of real GDP demanded is found where aggregate spending equals real GDP. b. The quantity of real GDP demanded is found where the consumption function crosses the 45 degree line. c. The quantity of real GDP demanded is found where intended inventory investment equals government spending. d. The quantity of real GDP demanded is found where intended inventory investment equals to zero.