Author Question: Increases in the prices of services due to improvement in its quality indicate a(n) _____. a. ... (Read 125 times)

appyboo · **on:** Jun 30, 2018

Increases in the prices of services due to improvement in its quality indicate a(n) _____.
a. decline in productivity.
b. decline in real GDP.
c. increase in output.
d. decline in manufacturing output.
e. increase in technological progress.

Question 2

Say that a consumer's income elasticity of demand over the relevant range is equal to 2 . When she has a monthly income of 2,000, she spends 600 on food. If her monthly income rose to 4,000, how much would she spend on food?
a. 900.
b. 1200.
c. 1800.
d. 2400.