If Incomes Fall by 5 Percent and the Quantity Demanded

question 71

Multiple Choice

If incomes fall by 5 percent and the quantity demanded for new cars falls by 10 percent,

• A)New cars are a normal good,and the income elasticity is +.5.
• B)New cars are an inferior good,and the income elasticity is +2.0.
• C)New cars are a normal good,and the income elasticity is +2.0.

Understand the rights and responsibilities of shareholders within a corporation.

Comprehend the duties and obligations of corporate directors and officers, including fiduciary duties.

Recognize the mechanisms and requirements for electing directors and the significance of cumulative voting.

Understand the concept of quorum within the context of corporate governance.

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Definitions:

Corrective Lenses

Optical appliances designed to correct or enhance vision, including glasses and contact lenses.

Human Evolution

The lengthy process of change by which people originated from apelike ancestors, involving physiological, anatomical, and behavioral adaptations.

Selection Pressure

An environmental or social factor that influences the survival and reproduction of organisms, thereby driving evolution.

Environment Altering

Activities or processes that significantly change the environmental conditions, potentially affecting ecosystems and the organisms within them.