The Price of Wheat Increases, but Few People Cut Back

question 39

Multiple Choice

The price of wheat increases, but few people cut back on their consumption of bread because:

• A) the price of bread is a small portion of the budget, and thus the demand for bread is inelastic.
• B) the price of bread is a large portion of the budget, and thus the demand for bread is elastic.
• C) change in the price of wheat does not affect the price of bread.
• D) None of the answers is correct.

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Definitions:

Home Environments

The physical, emotional, and social context provided within a residence that affects the development and behavior of its inhabitants.

Genetic Inheritance

The process by which genetic information is passed on from parents to their offspring, determining certain traits and predispositions.

Socioeconomic Status

A combined measure based on an individual's or family's economic and social position in relation to others, based on income, education, and occupation.

Ethnicity

A category of identification based on common nationality, cultural heritage, traditions, and language.