Refer to Figure 21.1. The middle 20% of the population earn ________ of total income
A) 16%
B) 23%
C) 28%
D) 32%
A
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You observed last week that the price of tomatillos was $4 per pound and that the total quantity of tomatillos consumed in Ames was 50 pounds. This week, you observe that the price of tomatillos increased to $6 per pound and the consumption decreased to 30 pounds. Based on your observations, calculate the elasticity of demand for tomatillos.
A. -2 B. -1.6 C. -0.8 D. -0.5
The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.