A 10 percent increase in income has caused a 5 percent decrease in the quantity demanded. The income elasticity is
A) 0.5.
B) -0.5.
C) 2.0.
D) -2.0.
B
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According to the above table, what is Lauren's marginal utility of the 4th unit?
a.90 b.220 c.310 d.115
Which of the following is part of an economic model?
A) assumptions B) norms C) preferences of economic agents D) opinions
A crucial feature of early Keynesian business cycle theory is that real wages vary ________, which in fact ________ clearly emerge from U.S. data on wages over time
A) countercyclically, does not B) countercyclically, does C) procyclically, does not D) procyclically, does
Convergence refers to the idea that cross-country
a. growth rates will become more similar over time. b. unemployment rates will become more similar over time. c. per-capita income levels will become more similar over time. d. total income levels will become more similar over time. e. none of the above.