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EC4006 2425 (T2) Fundamentals of Economics (OC)
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If, other things being equal, a price increase of good X increases the quantity demanded of good Y, then good Y is:
If there is a positive consumption externality, in a free market the product will then:
In a country, the following components of aggregate demand (AD) are given:
- Consumption (C) = £450 billion
- Investment (I) = £250 billion
- Government Spending (G) = £350 billion
- Net Exports (NX) = £75 billion
- Imports (M) = £120 billion
Calculate the exports (X) for the country.
Your answer is billion?
If demand is relatively price inelastic:
In a country, consumption is £500 billion and disposable income is £600 billion. Calculate the average propensity to consume (APC).Give your answer to two decimal places.
A country has a real GDP of £450 billion and a GDP deflator of 110. Calculate the nominal GDP for the year.Your answer is billion.
If the price elasticity of demand is – 2: