-Figure 5-11 Shows Five Different Levels of Income for a Particular

question 5

Multiple Choice

-Figure 5-11 shows five different levels of income for a particular state (in billions of dollars) and the quantity of public higher education demanded there (for a given level of tuition) .What is the income elasticity of demand if income rises from $45 billion to $55 billion?

• A)1.00
• B)0.06
• C)-1.00
• D)0
• E)none of these

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Definitions:

Redistribution

The reallocation or distribution of wealth, resources, or access among a society's members, often intended to achieve social or economic equality.

Silent Trade

A process for the exchange of goods between mutually distrusting ethni c groups so as to avoid directperso nal contact.

Negative Reciprocity

An exchange where one party aims to get more than they give, often at the expense of the other.

Ethnic Groups

Collectives of people who identify with each other based on shared cultural traditions, ancestry, language, history, or societal norms.