Use the above table. The income elasticity of jam is

A. 0.33.
B. -3.00.
C. 3.00.
D. -0.33.


Answer: D

Economics

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Higher resource costs shift the

A) long-run aggregate supply curve leftward, decreasing real GDP and increasing potential GDP. B) short-run aggregate supply curve leftward, raising the price level and decreasing potential GDP. C) short-run aggregate supply curve leftward, raising the price level and decreasing real GDP so it is less than potential GDP. D) short-run aggregate supply curve rightward, raising the price level and decreasing real GDP so it is less than potential GDP.

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The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property

a. unitization contract b. Coasian reasoning c. rule of first possession. d. rule of reason

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if the entire output of a market is produced by a single seller, the firm:

A.) Is a monopoly. B.) Is competitive. C.) Is an oligopolist. D.) Faces a perfectly vertical demand curve.

Economics