A 2 percent rise in the price of a good leads to a 10 percent decrease in quantity demanded. The absolute price elasticity of demand is

Scarcity can be eliminated by

A) abolishing competition. B) abolishing capitalism. C) abolishing money. D) all of the above. E) none of the above.

The distribution of income primarily determines which of the fundamental economic questions?

A) How the goods and services are to be produced? B) Who will receive the goods and services produced? C) What goods and services are to be produced? D) How to plan the economy?