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Author Question: Which of the following is accounted for when we measure economic growth in terms of per capita real ... (Read 88 times)

JMatthes

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on: Jun 30, 2018
Which of the following is accounted for when we measure economic growth in terms of per capita real GDP?
 a. Changes in the quality of life
  b. Changes in income distribution
  c. Changes in standards of living
  d. Changes in price level
  e. People's nonmonetary needs

Question 2

If the elasticity of demand coefficient for a good is one-sixth (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.


dyrone

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

d

Answer to Question 2

b


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JMatthes

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Reply #2 on: Jun 30, 2018
Correct answers!


dyrone

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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