A 10 percent increase in income increases the quantity of orange juice demanded from 19,200 to 20,800 gallons. The income elasticity of demand for orange juice is

Government outlays include all of the following EXCEPT

A) dividend payments. B) spending on the military. C) electricity for the Capital Building. D) letterhead stationery.

Total producer surplus in a market is measured as the

A) area bounded above the market clearing price and beneath the market demand curve. B) area bounded below the market clearing price and above the market supply curve. C) vertical distance from the horizontal (quantity) axis to the market clearing price. D) horizontal distance from the vertical (price) axis to the equilibrium quantity.