If goods X and Y are such that the cross price elasticity between them is negative, and if the income elasticity of X is negative, then these goods are

We often witness prices of water, gasoline and construction materials surge in a region just before a major storm hits. Some call this "price gouging." In the economic way of thinking, however, those higher prices are caused by

A) an increase in supply and an increase in demand. B) an increase in supply and a decrease in demand. C) a decrease in supply and an increase in demand. D) a decrease in supply and a decrease in demand. E) practices that are not connected to underlying supply and demand conditions.

Who said "If it moves, tax it. If it still moves, regulate it. If it stops moving, subsidize it."?

A) Barack Obama B) Ronald Reagan C) Vilfredo Pareto D) Adam Smith