1. The income elasticity of demand (Points : 1)measures the change in income necessary for a given change in quantity demanded.measures the responsiveness of income to changes in quantity demanded.measures the responsiveness of quantity demanded to changes in income.is the ratio of the percentage change in income to the percentage change in quantity demanded.2. The diamond/water paradox states that things with the ________ value in use frequently have ________ value in exchange. (Points : 1)least; the leastleast; little or nogreatest; little or nogreatest; the greatest3. In college you practically existed on instant noodles but now you earn $95000 a year. You never want to see instant noodles again. We can safely conclude that you consider instant noodles to be a(n) (Points : 1)normal good.complementary good.luxury.inferior good.4. According to the law of demand there is ________ relationship between price and quantity demanded. (Points : 1)a positivea negativeeither a positive or negativea constantly changing
