Remittances Are the Savings Earned by People Working Abroad and Sent

question 10

True/False

Remittances are the savings earned by people working abroad and sent back to their families.

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Definitions:

Price Elasticity

Price elasticity measures how the quantity demanded or supplied of a good changes in response to a change in its price.

Linear Demand

A type of demand relationship where changes in price lead to direct, proportional changes in quantity demanded.

Price Elastic

An assessment of the influence that price changes have on the consumer's purchasing volume of a good.

Inversely Related

A relationship between two variables where one increases as the other decreases.