If Jack Bought 12 DVDs Last Year When His Income

question 89

Multiple Choice

If Jack bought 12 DVDs last year when his income was $40,000 and he buys 14 DVDs this year when his income is $43,000, then his income elasticity of demand is ______________ which means that DVDs are a(n) ______________ good for Jack.

• A)+0.41; normal
• B)-0.47; inferior
• C)+2.13; normal
• D)+0.59; inferior
• E)-2.13; inferior

Understand the purpose and legal status of international conventions issued by the United Nations Commission on International Trade Law.

Recognize the importance of cultural awareness in international business negotiations and contract formation.

Understand the history and development of the Diagnostic and Statistical Manual of Mental Disorders (DSM).

Differentiate between normal and abnormal behavior and understand the criteria for diagnosing psychological disorders.

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Definitions:

Peer Group

A group of individuals, typically of similar age, background, and social status, with whom a person associates and identifies.

Smoking

The act of inhaling and exhaling the smoke of tobacco or a drug.

Admires

To regard someone or something with respect, approval, or warm esteem.

Unlearn

The process of discarding or forgetting previously learned behavior, habits, or beliefs, often to make way for new learning or understanding.