If the Income Elasticity of Demand for a Good Is

question 98

Multiple Choice

If the income elasticity of demand for a good is negative, then the good is:

• A) a luxury good
• B) a normal good
• C) a substitute good
• D) an inferior good

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Definitions:

Labour Union

An organized association of workers formed to protect and further their rights and interests.

Proportional Representation

An electoral system in which the number of seats held by a political party in the legislature is proportionate to the number of votes received by that party in an election.

Political Economy

The interactions of politics, government and governing, and the social and cultural constitution of markets, institutions, and actors.

State Apparatus

Structures and institutions through which a state exercises its power and authority, including the government, military, police, and judicial systems.