Suppose That Income Increases and the Quantity Demanded of Guitars

question 46

True/False

Suppose that income increases and the quantity demanded of guitars stays the same. This means that the income elasticity of guitars is unitary.

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Definitions:

Technological Determinism

Is the belief that technology is the main factor shaping human society and history.

Normal Accident

A theory suggesting that in complex systems, accidents are inevitable due to the intricate interactions among components.

Risk Society

A risk society is a society defined by the way risk is distributed as a side effect of technology.

Technopoly

A form of social organization in which technology compels people to try to solve all problems using technical rather than moral criteria, even though technology is often the source of the problems.