The cross price elasticity of demand for a good is the percentage change in the quantity demanded in response to a given percentage change in
A) income.
B) the price of that good.
C) the price of another good.
D) the quantity demanded of another good.
C
Economics
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The velocity of money is assumed to be constant in the Classical model because
A) the payment habits of the community. B) fixed level of real GDP. C) the demand for money varies with the level of real output. D) aggregate demand is constant.
Economics
Why do we analyze the steady state in the Malthusian model?
A) Because that is all we know how to do. B) Because there is a non-steady state that is not interesting. C) Because this is the Pareto optimum. D) Because the long run equilibrium of the model is the steady state.
Economics