If your income goes down by10% and, in response, the quantity demanded of good x falls by 20%, the income elasticity of demand would be:

An example of the commodity substitution bias in the calculation of the CPI is a price increase in

A) turkey when the price of chicken doesn't rise. B) a GPS unit versus a AAA map book. C) a 2014 Toyota Camry versus a 2005 Honda Civic. D) etexts versus used books bought through Craigslist. E) new homes because people's incomes have increased.

Which of the following is a difference between an English auction and a Dutch auction?

A) Bids are placed publicly in an English auction while bids are placed privately in a Dutch auction. B) The bidder who values the good the most wins in an English auction while the bidder who values the good the least wins in a Dutch auction. C) An English auction is an ascending price auction while a Dutch auction is a descending price auction. D) An English auction is a descending price auction while a Dutch auction is an ascending price auction.