Which of the Following Is Indicated by the Engel's Law

question 26

Multiple Choice

Which of the following is indicated by the Engel's law?

• A)Everything else remaining unchanged, an increase in the price of a commodity lowers the real income of the consumers.
• B)In the long run an increase in per capita income will drive down the relative prices of primary products.
• C)In the long run the developing countries will grow faster than the developed countries.
• D)The rate of inflation in an economy is inversely proportional to the rate of unemployment.

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