An input-output table details the sales of each industry to all other industries in an economy

Briefly explain how growth in real GDP differs across economies including the United States, Japan, Africa, Central America, Hong Kong, Korea, and Singapore

What will be an ideal response?

When the income elasticity of demand for a good is negative, one can correctly conclude that:

a. the good is a normal good. b. the good is an inferior good. c. the good is a substitute. d. the good is a complement. e. total revenue will decrease when the price increases.