If the Income Elasticity of Demand Is 0

question 171

Multiple Choice

If the income elasticity of demand is 0.5,the good will be a(n) ________ good.

• A) complement
• B) substitute
• C) necessity
• D) inferior
• E) luxury

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Definitions:

Intellectuals

Individuals engaged in critical thinking and analysis, especially concerning societal issues, and who often articulate new ways of understanding the world.

Bourgeoisie

The class in capitalist societies who own the means of production and are traditionally associated with wealth, materialism, and the pursuit of profit.

Class Consciousness

The awareness of one's own social class and its interests, often in the context of the struggle between different social classes.

Economic Elites

Individuals or groups who hold substantial wealth and power within an economy, often influencing political and economic policies.