The symmetry principle is the requirement that
A) people in similar situations be treated similarly.
B) Society's income be distributed symmetrically among its members.
C) the poorest 20 percent of households should receive the same total income as the richest 10 percent of households.
D) the average person be made as well off as possible.
A
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The market where one currency is converted into another currency is called the ________ market
A) stock B) bond C) derivatives D) foreign exchange
Explain how a technological advancement in one sector of the economy can lead to a change in the number of people who work in another sector of the economy. Give an example to help support your answer
Studies show that as real income has been rising in the United States, the per-capita demand for food has been increasing by
A) much less, which means the demand for food is income inelastic. B) much more, which means the demand for food is income elastic. C) much more, which means the demand for food is income inelastic. D) as much, which means the demand for food is unit elastic. E) none of the above
If price were lowered from $22 to $21, quantity demanded rose from 100 to 103, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic, and find how much total revenue was when the price was $22 and $21.
What will be an ideal response?