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question 35

Multiple Choice

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


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.

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