It Is Estimated That a 10 Percent Decline in Income

question 168

Multiple Choice

It is estimated that a 10 percent decline in income will reduce cigarette smoking by 1.4 percent. From this information one can conclude that cigarettes are most likely:

• A) a luxury.
• B) a necessity.
• C) an inferior good.
• D) a large portion of one's budget.

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Definitions:

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Minorities

Groups in society distinguished by cultural, ethnic, racial, religious, or linguistic characteristics, often having less power or fewer rights compared to the dominant group.

Majority Viewpoint

The opinion or belief that is held by the greater number of individuals within a group or society.

Dual-process Model

A theory proposing that there are two distinct systems for processing information: one intuitive and fast, and the other analytical and slower.