Differences in income are most directly related to which of the following economic? questions?
A. What goods and services are? produced?
B. Who consumes the goods and services that are? produced?
C. In what quantities are various goods and services? produced?
D. How are goods and services? produced?
When? consumers' incomes increased 6? percent, the quantity of wine bought increased 12 percent. This result means
A. the income elasticity of wine is 0.5 and wine is a necessity.
B. the price elasticity of wine is 2 and wine is an elastic good.
C. the income elasticity of wine is 2 and wine is a luxury.
D. the demand for wine is income inelastic.