An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____
a. one percent; quantity supplied; two units
b. one unit; quantity supplied; two units
c. one percent; quantity demanded; two percent
d. one unit; quantity demanded; two units
e. ten percent; quantity supplied; two percent
c
Economics
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It is not possible to exclude people from consuming pure public goods
Indicate whether the statement is true or false
Economics
Your parents surprise you with a $500 check. As a result, the U.S. GDP
A. remains unchanged because it was counted when your parents earned it. B. increases because this is unexpected income to you. C. decreases because you will spend it on useless goods. D. decreases because you have to pay taxes on this income.
Economics