Refer to Scenario 1 . If you start the course in such a way that each exam score is better than your previous average what should happen to your average score? What would happen to your average if it was below your previous exam score? Explain
What will be an ideal response?
Your average would continue to rise. If you received a score on one examination that was lower than the previous exam score there wouldn't be any way to determine what would happen to your average unless you knew what this score was compared to your previous average, not your previous exam score.
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If the price of a burger decreases by 5 percent and as a result the quantity of burgers demanded increases by 8 percent, the price elasticity of demand equals
A) 0.60. B) 0.40. C) 1.60. D) 0.625.
If the price level is fixed, then an increase in government spending will lead to
A) a larger increase in nominal GDP than in real GDP. B) a smaller increase in nominal GDP than in real GDP. C) no increase in either nominal GDP or real GDP. D) an increase in nominal GDP by the same amount as an increase in real GDP.