The current world population is more than ________

If the price elasticity of demand for a good is 6, then a 3 percent decrease in price results in

a. a 20 percent increase in the quantity demanded. b. an 18 percent increase in the quantity demanded. c. a 2 percent increase in the quantity demanded. d. a 1.8 percent increase in the quantity demanded.

Money functions as a store of value if it allows you to:

A. Measure the value of goods in a reliable way B. Make exchanges in a more efficient manner C. Delay purchases until you want the goods D. Increase your confidence in money