Answer:
Elastic
Explanation:
Elasticity of demand = percentage change in quantity demanded / percentage change in price
25% / 20% = 1.25
If the elasticity of demand is greater than one ,it means demand is elastic.
Elastic demand is when a change in price leads to a greater change in quantity demanded.
I hope my answer helps you
Answer:
D. plus net receipts of factor income from the rest of the world
Explanation:
Gross national product (GNP) is the value of all final goods and services produced by a country's residents both at home and abroad.
GNP = Consumption + Investment + Government + Net Export + Net factor income from abroad
Answer:
a) Decrease LRAS
b) Decrease LRAS
c) Increase AD
d) Increase AD
Explanation:
steel workers go on strike so less steel is produced : this will cause a decrease in the log run aggregate supply of steel in the economy
A tornado destroys factories in Louisiana.: this will cause a decrease in the log run supply of factory products and by-products in the economy
Consumer optimism increases.leads to an increase in the aggregate demand curve
The stock market rallies to 52-week highs increasing consumer wealth. this will definitely lead to an increase in the aggregate demand curve because with more money to spend the demand curve will increase
Answer:
The correct answer is letter "C": the relationship between a country's GDP and its factors of production.
Explanation:
The Aggregate Production Function describes the relationship between a country's Gross Domestic Product (GDP) and the factors of production involved in it. Aggregate Production functions are considered physical and human capital, labor, knowledge, social infrastructure, and natural resources. Production increases as a result of increases in capital, natural resources, and labor.
