To Gather Good Information, You Should

question 16

Multiple Choice

To gather good information, you should:

• A) ask smart questions.
• B) listen.
• C) sort through the information you are collecting to differentiate between assumptions, inferences, facts and opinions.
• D) temporarily set to one side your own opinions, feelings and thoughts.
• E) All of these responses are correct.

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Definitions:

Income Elasticity

A measurement of how the demand for a good or service changes in response to changes in consumers' income levels.

Recession

A period of economic decline across an economy lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Demand

Refers to the desire and willingness of consumers to purchase goods and services at different prices.

Income Elasticity of Demand

An indicator of the variation in the demand for a product as a result of changes in the income levels of consumers.