A Good with a High Income Elasticity Is Generally Considered

question 160

Multiple Choice

A good with a high income elasticity is generally considered to be

• A) an inferior good.
• B) a luxury good.
• C) a necessity.
• D) inexpensive, relative to other goods.

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Definitions:

Environmental Forces

Elements such as climate, geography, natural resources, and social factors that can influence the development of societies, individual behavior, and biological ecosystems.

Fully Functioning Person

A term coined by Carl Rogers to describe an individual who is living at their highest potential of emotional and psychological well-being.

Spontaneity

The quality of being performed or occurring as a result of sudden inner impulse or inclination without premeditation or external stimulus.

Incongruence

A discrepancy between a person’s self-concept and aspects of his or her experience.