As of 2010, the World Bank classified a country as a low-income economy when its domestic per capita GDP fell below _____

The cross-price elasticity of demand for a good is the:

A) percentage change in the quantity demanded for a good due to a percentage change in the consumer's income. B) percentage change in the quantity demanded for a good due to a percentage change in the good's price. C) percentage change in the quantity demanded for a good due to a percentage change in tax rates. D) percentage change in the quantity demanded for a good due to a percentage change in the price of related goods.

If the government places a $0.50 tax on an item for which demand is perfectly elastic

A) the entire tax will be paid by the consumer. B) the tax will be split equally between the consumer and producer, with each paying exactly $0.25. C) most of the tax will be paid by the consumer. D) the entire tax will be paid by the producer.