A 10 percent increase in the price of neckties leads to a 5 percent decrease in the quantity demanded of neckties. The absolute price elasticity of demand is

Farmers who joined the Greenback Party in the late-19th century felt that

a. the government should make efforts to curb the inflation that the country was experiencing. b. farm prices were too high in comparison to the overall price-level of the economy. c. the government should own all transportation and communication facilities. d. an increase in the money supply would benefit debtors.

The parity price ratio is defined by the equation

a. prices paid by farmers prices received by farmers b. prices received by farmersprices paid by farmers c. loans received by farmersprices paid by farmers d. prices received by farmerstotal farm subsidies e. total farm loans total farm subsidies