When the price of pens went from $1 to $1.50, the quantity demanded of pencils changed from 50 to 75 a day. The cross-price elasticity of demand for pencils (using the initial value formula) is:

According to this Application, by using a value-added approach to measure Wal-Mart's sales impact on the economy, we are

A) including GDP as a measure of welfare. B) using a chain-weighted index. C) avoiding double-counting. D) excluding the net foreign sector.

The income per worker of a country increases if ________

A) the number of children in the country aged below 15 increases B) the country's GDP increases, all other variables remaining constant C) the number of retired people in the country increases D) the country's GDP falls, all other variables remaining constant