If the relative price of S in terms of T is 2 and S has a nominal price of $1, then the nominal price of T is

The second largest source of tax revenue for the federal government is

a. payroll taxes b. the personal income tax c. the corporate income tax d. excise taxes e. the sales tax

If the price of a good goes up by 5 percent and, in response, the quantity demanded falls by 15 percent, the price elasticity of demand will be:

A. 3. B. 0.3333. C. 0.15. D. .05.