In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:

Which of the following statements about markets and industries is TRUE?

A) A market includes buyers but not sellers. B) A market includes sellers but not buyers. C) An industry includes buyers but not sellers. D) An industry includes sellers but not buyers.

Sally recently got a 15 percent raise. She now purchases 7.5 percent more steak dinners. Sally's income elasticity for steak dinners is:

a. 0.5. b. 0.75. c. 1.5. d. 2.0.