According to the above table, what is the absolute price elasticity of demand if price falls from $8.00 to $7.50?

According to Elinor Ostrom's view of The Tragedy of the Commons:

a. The only way to prevent the collapse of the commons is government intervention. b. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual. c. Individuals will create institutions to prevent the collapse of the commons. d. Individuals will use the commons beyond the socially efficient point.

Which of the following will increase the velocity of circulation?

a. Interest rates increase. b. The inflation rate decreases. c. Federal banking legislation abolishes credit cards. d. Employers decide to pay employees once a month instead of once a week.