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:

Protestant Ethic

Protestant Ethic is a concept in sociology that correlates Protestantism with the rise of capitalism, emphasizing hard work, frugality, and diligence as a means to success.

Spirit of Capitalism

The set of ethical and cultural values that encourage hard work, thrift, and efficiency in one's occupational calling.

Max Weber

A foundational figure in sociology known for his work on the processes of rationalization, the Protestant Ethic, and the concept of the ideal type in social science research.

Feminist Theory

An analytical framework which seeks to understand societal structures and inequality through the lens of gender relations and the promotion of women's rights.