The Correct Answer (Reported to the Proper Number of Significant

question 121

Multiple Choice

The correct answer (reported to the proper number of significant figures) to the following is ________. 12.75 × 1.3621 = ________

• A)17.367
• B)17.40
• C)17.37
• D)17.4
• E)17.0

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Definitions:

Unitary

A term in economics used to describe a situation where a change in one factor leads to a proportionate change in another factor.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of consumers to price changes.

Specific Excise Tax

A fixed tax imposed on a specific quantity of a good, regardless of its price, typically applied to items such as alcohol and tobacco.

Unitary

In the context of economics, relates to a system where the central government holds all the power, or a market where a product has a unitary elasticity of demand.