(C + S + T) Most Closely Approximates

question 38

Multiple Choice

(C + S + T) most closely approximates

• A) personal income.
• B) personal disposable income.
• C) national income.
• D) net national product.
• E) gross national product.

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Total Revenue

The total amount of money a firm receives from the sale of its goods or services before any expenses are subtracted.

Quantity Demanded

The total amount of a good or service consumers are willing to purchase at a specific price level at a given time.

Elastic Demand

Elastic demand indicates that the quantity demanded of a good or service significantly changes in response to a change in price.