The percentage change in quantity demanded of a good divided by the percentage change in income of the consumers gives the:
a. price elasticity of demand of the good.
b. price elasticity of supply of the good
c. income elasticity of demand of the good.
d. income elasticity of supply of the good.
c
You might also like to view...
If tax revenue is $230 billion and the government's outlays are $235 billion, then the budget
A) deficit is $5 billion, and government debt will remain the same. B) surplus is $5 billion, and government debt will increase by $5 billion. C) deficit is $5 billion, and government debt will increase by $5 billion. D) deficit is $5 billion, and government debt will decrease by $5 billion. E) surplus is $230 billion, and the budget deficit is $235 billion.
The price system takes into account consumer preferences in the distribution of goods and services
a. True b. False Indicate whether the statement is true or false
The quantity of money has no real impact on things people really care about like whether or not they have a job. Most economists would agree that this statement is appropriate concerning
a. both the short run and the long run. b. the short run, but not the long run. c. the long run, but not the short run. d. neither the long run nor the short run.
Which of the following countries has lower total government tax revenue as a percentage of GDP than the United States?
a. Canada b. Germany c. Sweden d. Mexico