If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is

In 2012, government income transfers redistributed what percentage of national income?

a. 1.1 percent b. 7.7 percent c. 17.4 percent d. 25.5 percent

If money income increases and the prices of products A and B both increase, then the budget line:

A. must shift to the right. B. must shift to the left. C. may shift either to the right or the left, or not at all. D. will no longer be tangent to an indifference curve.