The price elasticity of demand for a good that is a necessity is likely to be:

Refer to Figure 29-2. Which of the events below cause the shifts in the supply and demand curves in the market for dollars against the British pound shown in the graph above?

A) Real income rises in the United States. B) Interest rates rise in England. C) Interest rates rise in the United States. D) Real income falls in England.

In 1910, 8.6 percent of American 17-year olds were high school graduates. By 1938, this figure _____

a. had fallen to 5 percent. b. equaled 15 percent. c. had risen to nearly 50 percent. d. had not changed appreciably.