Which of the Following Statements Is False

question 138

Multiple Choice

Which of the following statements is false?

• A)If the income elasticity of demand for a good is less than 1, the demand for the good is income inelastic.
• B)If the income elasticity of demand for a good is greater than 1, the demand for the good is income elastic.
• C)If the income elasticity of demand for a good is equal to 1, the demand for the good is income unit elastic.
• D)If the income elasticity of demand for a good is less than zero, the good is a normal good.
• E)A good can be both a normal good and income inelastic.

---

Definitions:

Value of K

A specific numerical quantity or parameter that might have different meanings depending on the context in which it's used.

Mean Square Error

A measure of the average of the squares of the errors or deviations between estimated and true values.

Weighted Average Model

A calculation that assigns different weights to different elements of a dataset, resulting in an average that accounts for varying levels of importance.

Forecasts

Predictions or estimates of future events or conditions, often based on statistical analysis and modeling.