Figure 17-10 Refer to . A result of the tariff is that, relative to the free-trade situation, the quantity of saddles imported decreases by

The income elasticity of demand measures

A) the income effect of a change in price. B) the responsiveness of quantity demanded to changes in income. C) how a consumer's purchasing power is affected by a change in the price of a product. D) the percentage change in the price of a product divided by the percentage change in consumer income.

Jorge is the proud owner of The Peppered Speakeasy. When the economy collapsed, he had to lay off 20 percent of his employees. They must look for new work and are considered

A. employed. B. unemployed. C. out of the labor force. D. unemployable.