If the Income Elasticity of Demand for a Good Is

question 43

Multiple Choice

If the income elasticity of demand for a good is 0.5,then

• A)it is a normal good,and its demand curve will shift to the left if buyers' incomes increase
• B)it is a normal good,and its demand curve will shift to the right if buyers' incomes increase
• C)it is an inferior good,and its demand curve will shift to the right if buyers' incomes increase
• D)it is an inferior good,and its demand curve will shift to the left if buyers' incomes increase
• E)there is insufficient information to determine whether the good is normal or inferior

Understand the application and limitations of different descriptive research methods in psychology.

Comprehend the foundational histories, methods, and philosophies of the earliest perspectives in psychology.

Identify and describe various specialties within psychology, including typical research activities associated with each.

Analyze and critique the historical exclusion of women and minorities in psychological research and recognize their contributions to the field.

---

Definitions:

Credit

A financial record that raises a liability or equity account, or reduces an asset or expenditure account.

Debit

A debit is an accounting entry that results in either an increase in assets or expenses or a decrease in liabilities or equity on a company's balance sheet.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the owner's claim on the business assets.

Expenses

Costs incurred in the process of earning revenue, including operational costs like rent, utilities, and payroll.