Giffen Goods

question 253

Multiple Choice

Giffen goods

• A)are theoretical and have never been discovered in the real world.
• B)have not existed since prior to the Industrial Revolution.
• C)were proven to exist in the 1890s by Sir Robert Giffen.
• D)were not shown to actually exist until 2006.

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Definitions:

Coping Mechanism

Strategies or behaviors used to manage stress, anxiety, or trauma.

PTSD

Post-Traumatic Stress Disorder (PTSD) is a mental health condition triggered by experiencing or witnessing a terrifying event, characterized by flashbacks, nightmares, and severe anxiety.

Phobia

An intense, irrational fear of a specific situation, object, or activity that often leads to avoidance behavior.

Primary Emotions

Basic emotions that are experienced universally across cultures, such as happiness, sadness, fear, and anger, thought to be innate rather than learned.