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Author Question: The ratio of the percentage change in consumption of a good divided by the percentage change in ... (Read 110 times)

HudsonKB16

  • Hero Member
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  • Posts: 535
on: Jun 30, 2018
The ratio of the percentage change in consumption of a good divided by the percentage change in income (as measured by GDP) is known as the
 
  A) income elasticity of demand.
  B) income expansion path.
  C) demand elasticity equivalent.
  D) trade effectiveness.

Question 2

The HO model rules out the classical model's basis for trade by assuming that ________ is (are) identical between countries.
 
  A) factor endowments
  B) factor intensities
  C) technology
  D) opportunity costs


nital

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  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

C


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