Since the income elasticity for food is estimated to be 0.51, it appears that the proportion of income spent by poor people on food is ____ the proportion spent by those with higher incomes
a. greater than
b. less than
c. about the same as
d. about half as great as
A
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Which of the following is a positive question?
A) What are the returns to education? B) Can a monopoly ever be good for society? C) Is there value in putting yourself in someone else's shoes? D) Are companies like Nike exploiting workers in the developing world?
Monopolistic competition differs from ________
A. monopoly because firms cannot set their own price B. oligopoly because firms produce differentiated goods or services C. perfect competition because the goods or services produced are diffe-rentiated D. monopoly because the good produced by each firm has no close subs-titute
The graph shown demonstrates a tax a sellers. Before the tax was imposed, the sellers produced ________ units and received __________ for each one sold.
A. 15; $16
B. 31; $9
C. 31; $19
D. 15; $6
Money fails to act as a store of value when:
a. it is no longer backed by gold. b. the inflation rate is very high. c. the goods produced in an economy are indivisible. d. the economy goes into a recession. e. coins are replaced by paper money.