Per capita real GDP is a questionable indicator of the state of the economy because it does not account for:
a. growth of national income.
b. changes in inflation.
c. income distribution.
d. changes in the size of the population.
e. changes in the level of output.
Question 2
If the elasticity of demand coefficient for a good is 6 (in absolute terms), we know:
a. that for every 1 increase in quantity, there will be a 6 increase in price.
b. that for every 1 increase in quantity, there will be a 6 decrease in price.
c. that for every 6 increase in quantity, there will be a 1 increase in price.
d. that for every 6 increase in quantity, there will be a 1 decrease in price.
Events of the absorptive state.
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Natural Capital versus GDP per Capita
State the transformations on the function f(x)= 4sin(x-pi)-2 and then graph two cycles below.