If the elasticity of demand for sugar cookies is 2.5, then a 10% change in price will lead to a 5% change in quantity demanded.

What is meant by the demographic transition? What are the differences in the demographic transition between the current developed economies and developing countries?

What will be an ideal response?

The drawback to calculating real GDP using base-year prices is that

A) real GDP in one year is not comparable to real GDP in another year. B) relative prices change over time and these are not reflected in base-year prices, and this distorts GDP. C) relative prices change over time and these changes are reflected in base-year prices. D) quality changes are reflected in base-year prices.