If for Good Z Income Elasticity Is Greater Than 1

question 183

Multiple Choice

If for good Z income elasticity is greater than 1, then demand for good Z is income __________, and good Z is a(n) __________ good.

• A)inelastic; normal
• B)inelastic; inferior
• C)elastic; normal
• D)elastic; inferior
• E)unit elastic; normal

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Definitions:

Socialization

The process by which individuals acquire the knowledge, skills, and behaviors that are necessary for functioning within a society or organization.

Pre-employment

Pertaining to processes or assessments that occur before an individual officially becomes an employee.

Psychological Contract

An unwritten agreement that sets out mutual expectations between employees and employers, including informal arrangements, perceived promises, and obligations.

Reality Shock

The experience of realizing that the actualities of a situation or environment are different from one's expectations or beliefs.