The Following Statement Is True in Related to the Role

question 33

Multiple Choice

The following statement is true in related to the role of disposable income in tourism demand.

• A) A normal good's demand increases when income decreases.
• B) The demand for inferior goods increases as income increases.
• C) A luxury goods refers to when demand changes by less than income changes.
• D) A necessity good refers to when demand changes by less than income changes.

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Definitions:

Noncash Assets

Assets that are not in the form of cash or cannot be easily converted into cash, such as property, plant, and equipment.

Liquidation Process

The procedure of closing a business and distributing its assets to claimants, often preceding dissolution.

Proposed Schedule

A preliminary plan that outlines future activities or events, awaiting approval or finalization.

Account Balances

The amount of money in a financial account, calculated by subtracting debits from credits in the account.