Good Z Is Income Unit Elastic

question 178

Multiple Choice

Good Z is income unit elastic. This means that the percentage change in income is

• A)equal to the percentage change in the quantity demanded of good Z.
• B)greater than the percentage change in the demand for good Z.
• C)less than the percentage change in the quantity demanded of good Z.
• D)equal to the percentage change in the price of good Z.
• E)greater than the percentage change in the price of good Z.

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Definitions:

Ocean Dumping Ban Act

A U.S. law that prohibits the dumping of material into the ocean that would unreasonably degrade or endanger human health or marine environments.

Permit System

A regulatory process requiring individuals or businesses to obtain authorization before engaging in certain activities or operations.

Ocean Waters

The vast bodies of saltwater that cover approximately 71% of the Earth's surface, comprising the five major oceans.

Civil Penalties

Financial penalties imposed by governmental agencies as punishment for violations of legal requirements or regulations.