26 Taxes that are imposed directlyon income or property are called...1. Direct2. Indirect3. Targets4. Progressive27. The degree of change indemand for a product at a certainchange in its price is called1. Price elasticity of demand2. Income elasticity of demand3. Cross-elasticity of demand4. Offer elasticity28. Demand for life-savingmedicines is...1. Completely elastic2. Completely inelastic3. Elastic4. Inelastic 29. The coefficient of priceelasticity of demand for basicnecessities...1. Equals to 12. is less than 13. is more than 14. Equals to 030. Complementary goods arethose that...1. Can be exchanged by each other2. Complement each other in sales3. Can replace each other4. Have the same price31. Interchangeable goods(substitutes) are those that...1. Can be exchanged by each other2. Are bought together3. Can replace each other4. Have the same price

26. Taxes that are imposed directly on income and property are called 1. Direct Tax This is by…

26 Taxes that are imposed directly on income or property are called... 1. Direct 2. Indirect 3. Targets 4. Progressive 27. The degree of change in demand for a product at a certain change in its price is called 1. Price elasticity of demand 2. Income elasticity of demand 3. Cross-elasticity of demand 4. Offer elasticity 28. Demand for life-saving medicines is... 1. Completely elastic 2. Completely inelastic 3. Elastic 4. Inelastic

26 Taxes that are imposed directly on income or property are called... 1. Direct 2. Indirect 3. Targets 4. Progressive 27. The degree of change in demand for a product at a certain change in its price is called 1. Price elasticity of demand 2. Income elasticity of demand 3. Cross-elasticity of demand 4. Offer elasticity 28. Demand for life-saving medicines is... 1. Completely elastic 2. Completely inelastic 3. Elastic 4. Inelastic

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. NSW government provides 200$ of active kids vouchers to an average family in NSW. 50% of such vouchers are unused and expire. Quarter million of such vouchers were downloaded by families. Assuming income elasticity of +0.75 calculate increase in spending through such vouchers.
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A decrease in the price of oats went from $0.5 to $0.4 a pound, oat consumption increased from 64 tons to 80 tons a week in Oklahoma City and from 160 tons to 240 tons a week in Florence. The elasticity of demand is a. Greater in Oklahoma City than Florence b. Greater in Florence than Oklahoma City c. Equal in Oklahoma City and Florence d. Not enough info
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