The role of _______ in the production process is central to why the United States is rich and most of the rest of the world is poor.

A good that takes up a very large percentage of the consumer's budget will tend to have

a. an elastic demand b. a perfectly elastic demand c. an inelastic demand d. an upward-sloping demand curve e. very many substitutes

In year 1 the CPI is 180, and in year 2 the CPI is 192. From year 1 to year 2, Javier's salary rises from $40,000 to $42,000, and Tom's salary rises from $55,000 to $57,000. Who is "more than keeping up with inflation"?

A) Javier B) Tom C) both Tom and Javier D) neither Tom nor Javier