If a Good Has Negative Income Elasticity, Then It Is

question 45

True/False

If a good has negative income elasticity, then it is an inferior good.

---

Definitions:

John Locke

A 17th-century English philosopher known for his work on political philosophy, epistemology, and education.

Referenda

Laws or constitutional amendments put on the ballot by state legislators.

Proposed Law

A suggested rule or set of rules that is brought forward for consideration, debate, and possibly adoption by a legislative body.

Rule of Men

A system of governance where laws and decisions are made based on the whims, desires, or personal judgments of individuals, rather than based on a system of laws or principles.