For Every One Person in the Developed World, There Are

question 29

Multiple Choice

For every one person in the developed world, there are approximately how many people in the developing world?

• A) .5
• B) 2
• C) 4.5
• D) 6

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Definitions:

Demand for Cigarettes

refers to the total quantity of cigarettes that consumers are willing and able to purchase at a given price level over a specific period of time.

Elastic

A characteristic of a good or service that indicates a high sensitivity of quantity demanded or supplied to changes in its price.

Normal Goods

Goods for which demand increases as the income of the consumer increases and falls when the income of the consumer decreases, all else being equal.

Incomes

Funds earned, frequently in a regular pattern, whether from occupational activities or investments.