The income elasticity of demand for a food is unity. A consumer's monthly income is $2,000, of which 20 percent is spent on food. If income doubles, the amount spent on food will be:

Assume that a consumer can spend $20 on two goods–pens and pencils. If the price of one pen is $5 and the price of one pencil is $2, which of the following combinations of the two goods represents a point on the consumers budget constraint?

A) 3 pens and 2 pencils B) 1 pen and 10 pencils C) 2 pens and 5 pencils D) 2 pens and 3 pencils

An individual who continuously bids for securities that investors want to sell and offers securities that investors want to buy is known as a(n)

A) dealer. B) auctioneer. C) broker. D) underwriter.