An Example of a Good That Likely Has an Income

question 40

Multiple Choice

An example of a good that likely has an income elasticity less than one is _____, while an example of a good that likely has an income elasticity greater than one is _____.

• A) coffee; sailboats
• B) sailboats; cars
• C) vacations; cell phones
• D) filet mignon; chicken

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Definitions:

Compound

Molecule that has atoms of more than one element.

Molecule

The smallest unit of a chemical compound that can exist; composed of two or more atoms bonded together.

Orbital Space

The region of space around the Earth where artificial satellites and spacecrafts orbit, influenced by Earth's gravity.

Energy Level

A specific quantized state of energy that an electron in an atom can have.