Which of the Following Best Describes Your Trip,if You Were

question 30

Multiple Choice

Which of the following best describes your trip,if you were travelling from Memphis Tennessee,west across Arkansas towards Fort Smith,on the western border with Oklahoma?

• A)You would be travelling from hilly eastern Arkansas into the lowlands of western Arkansas.
• B)You would be travelling from the lowlands of eastern Arkansas into hilly western Arkansas.
• C)The scenery would be flat in both eastern and western Arkansas with little change.
• D)The scenery would be hilly in both eastern and western Arkansas with little change.

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Definitions:

Substitution Effect

The economic understanding that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.

Income Effect

The Income Effect refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

the component of the total effect of a price change on consumption that results from the consumer substituting the good that has become relatively cheaper for the good that has become relatively more expensive.

Leisure Time

Leisure time is the period when one is not engaged in work or other obligations, available for relaxation, hobbies, and personal activities.