Hello i need help answering these questions i dont seem to understand them ( The

Question

Hello i need help answering these questions i dont seem to understand them

( The price of product Y is ratsed Irmn $59 to $63 per unit nnd as a resuli, sales decrease from 430 to 39s units per uuouth. Tbe demand for prodct Y in the relevant interval is: (a) lastic. b) Inelastic. (c) Completcly inelastic (d) Perfectly elustic. (e) Unitary elaatic. (9) Paul Paulson advocates raising the uininun wage from $5.25 tn S7 per hour and he assents thut this will bave nn cffect on enployment This tnees that lue thinks that the demand for the type ohhor which is affected by the truumun wage is: (a) Elnstic, (b) Inelastic. (c)Cumpletely inelastic (d) Prfoctly elastic. (e itary clastic. [10) pleting a 30% increase in the price of the XL-31 screw and XYZ Corp. is contem thcy believe that revenues trom the sale of this priduct will rise by exactly 30%.Thoy must think that the demend for the XL-33 screw is: ) Elastic. (b) Inlastic. (c) Completcly inelastic (d) Perfectly clastic. (c) Unitary elastic. (II) Consider the demand schedule below. It gives information albout the demand for cups af java at a Startrekk Coffee franchise in Trenton, NJ: Price Quantity $2.80 $2.00 5,000 8,000 The (absolute value of the) coefficient of are price elasticity of demand is: (a) 1.38 (b) 0.86 (c) 0.57 (d) 0.46 (e) 1.15

Explanation / Answer

47. D. Population growth.

Explanation: Population growth is not necessary for growth in real GDP. Growth in real GDP takes place when more economic activities are conducted and more output are produced. All the remaining options contribute to economic growth.

48. A.

Explanation: The Philips curve shows that inflation rate and unemployment rate moves in the opposite direction.

49. E

Explanation: All the options are correct. Classical economists prescribe minimum government intervention whereas Keynesian policies suggest active government intervention to avoid booms and busts. Neoclassical economists suggest that money supply is the only thing to be controlled to stabilize the economy.

50. D

All options are valid.

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