In Table 1, Tony's income elasticity of demand for steaks is
A) 1.0.
B) greater than 1.0.
C) less than 1.0.
D) zero.
B
Economics
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The fact that using money avoids the double coincidence of wants necessary in a barter economy illustrates which function of money?
A) medium of exchange B) unit of account C) store of value D) source of liquidity
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What are key economic variables that economists use to predict a new phase of a business cycle referred to as?
(A) Economic growth (B) A recession (C) A contraction (D) Leading indicators
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