If a good has an income elasticity of demand greater than 1, one might classify that good as

In 2015, the U.S. gross national debt was _____

a. about $1 million b. about $1 billion c. $1 trillion d. $3 trillion e. about $18 trillion

Antitrust laws in the United States rely more on economic theory and the rule of reason approach, whereas the European Union relies more on the per se approach

a. True b. False Indicate whether the statement is true or false