One of the components of the human development index is
a. the percentage of the population who are high school graduates.
b. the average daily intake of protein.
c. life expectancy at birth.
d. the number of doctors per hundred people in the population.
C
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The income elasticity of demand is a measure of
A) how demand for a product changes when the price of a substitute or complement product changes. B) how responsive consumers are to changes in the price of a product. C) how responsive suppliers are to changes in the price of a product. D) the extent to which the demand for a good changes when income changes. E) the extent to which the supply of a good changes when the demand changes as a result of a change in income.
If the consumer price index (CPI) is 220 one year and 210 the next, the annual rate of inflation as measured by the CPI is approximately _____
a. ?2.3 percent b. ?4.6 percent c. 10 percent d. 4.8 percent e. 220 percent