Author Question: The demand for food is most elastic in countries A) with low income levels. B) with intermediate ... (Read 163 times)

Diane · **on:** Jun 29, 2018

The demand for food is most elastic in countries

A) with low income levels.
B) with intermediate income levels.
C) with high income levels.
D) that are highly urbanized.

Question 2

In the above figure, the short-run aggregate supply curve is SAS and the aggregate demand curve is AD. A recessionary gap exists

A) if the long-run aggregate supply curve is LAS1.
B) if the long-run aggregate supply curve is LAS2.
C) if the long-run aggregate supply curve is LAS3.
D) All of the above answers are correct.