2)When a market is used to ration a product:

• A - the product is rationed to those who are most willing to pay for the product.
• B - the product is rationed to consumers who have the greatest income or wealth.
• C - the product is rationed to those with the most political influence.
• D - the product is rationed to those who reside closest to where the product is sold.
• E - the product is rationed to those who will not use the product wastefully.

5)From the article: "The Centers for Disease Control and Prevention said...that keeping middle seats open [on airline flights] could sharply reduce the risk of exposure to the [Covid-19] virus." If tickets for all middle seats on a flight from Denver to Chicago are not sold:

• A - the fixed cost of the flight from Denver to Chicago would be less than if tickets for middle seats were sold.
• B - the profit from the flight from Denver to Chicago would be greater than if all tickets were sold.
• C - the airline selling the tickets would not be able to make a profit from this flight.
• D - passengers' willingness to pay for the other seats on the flight would decrease.
• E - the fixed cost of the flight from Denver to Chicago would not change.

8) If the income elasticity of demand for widgets is equal to +0.5, then:

• A - widgets would be considered inferior goods.
• B - if average consumer income were to increase by $100 the quantity demanded of widgets would increase by $50.
• C - if consumer income increased by 10 percent the quantity demanded of widgets would increase by 5 percent.
• D - if consumer income increased by 5 percent the quantity demanded of widgets would increase by 10 percent.
• E - the demand curve for widgets would be relatively inelastic.