Economists maintain that the price of a product has no effect on demand. How can this be true?
When constructing the demand curve, price is the independent variable that determines quantity demanded. Economists who use the word demand refer to this schedule, which reflects every possible price and its respective quantity demanded. Price affects quantity demanded, while other factors, such as consumers' income, will influence the demand for the product.
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On a Lorenz curve graph, the area between the line of equality and the Lorenz curve is 2,000, and the entire area beneath the line of equality is 5,000. What does the Gini ratio equal?
What will be an ideal response?
The Taylor rule says that the fed funds rate target is a function of all of the following, except
A) the actual inflation rate. B) the target inflation rate. C) the percentage difference between actual and potential real GDP. D) the level of borrowed reserves.