Goods That Have Positive Income Elasticity Less Than 1 Are

question 403

Multiple Choice

Goods that have positive income elasticity less than 1 are _____ goods.

• A) luxury
• B) normal
• C) inferior
• D) abnormal

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Definitions:

Null Hypotheses

A statement used in statistics that proposes there is no significant difference or relationship between specified populations, or no effect of a particular treatment.

Sample

A subset of a population selected for observation and analysis in order to make inferences about the entire population.

Well-written Hypothesis

A clearly formulated statement that makes a conjecture about the outcome of an experiment or research, specifying the expected relationship between variables.

Characteristics

Distinctive or identifying features or qualities of a person, object, or phenomenon.