In 2008 the united states, as well as the rest of the world, felt the effects of the recession. after the collapse of the housing market, people lost their jobs and they quit spending money. many people could not afford their mortgages anymore and their homes went into foreclosure. for these people, it was a time of ) social stratification2) social inconsistency3) upward mobility4) downward mobility

10. problems and applications q10 consider public policy aimed at smoking. studies indicate that the price elasticity of demand for cigarettes is about 0.2. if a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by % . if the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be than the effect 5 years from now. studies also find that teenagers have a higher price elasticity of demand than do adults. which of the following statements are consistent with this result? check all that apply. it is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes. teenagers do not have as much income as adults, so they are more price sensitive. adults are more likely to be addicted to cigaret