A 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a service. This service is a(n) __________ good and demand is __________

If the price of corn increases by 20 percent and the quantity supplied of corn increases by 30 percent, then supply is

A) elastic and the elasticity of supply equals 1.5. B) inelastic and the elasticity of supply equals 1.5. C) elastic and the elasticity of supply equals 0.66. D) inelastic and the elasticity of supply equals 0.66. E) either elastic or inelastic, but more information about the elasticity of demand is needed to determine which.

The quantity theory of money is based on the formula that

A) V = P*Y*Ms. B) Y = P*V/Ms. C) Ms= P*V/Y. D) P = Ms*V/Y.