Fill in the Blank with One of the Words or Phrases

question 35

Multiple Choice

Fill in the blank with one of the words or phrases listed below.
-In the equation $y = \mathrm { kxz }$ , $\mathrm { y }$ variesـــــــــــ as $x$ and $z$ .

• A) opposites
• B) inversely
• C) directly
• D) jointly

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Definitions:

Tax Burden

The total amount of tax that individuals or businesses must pay to governmental authorities.

Inelastic

A characteristic of demand or supply where the quantity demanded or supplied changes by a smaller percentage than the changes in price.

Elastic

In economic terms, the sensitivity of demand for a product relative to changes in price; high elasticity indicates that demand changes significantly with price.

Economic Thinking

The application of economic principles and concepts in analyzing and understanding decision-making, policy implications, and the allocation of resources.