Since the Income Elasticity for Food Is Estimated to Be

question 17

Multiple Choice

Since the income elasticity for food is estimated to be 0.51, it appears that the proportion of income spent by poor people on food is ____ the proportion spent by those with higher incomes.

• A) greater than
• B) less than
• C) about the same as
• D) about half as great as

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Definitions:

Metric

A quantitative measure used to assess performance, progress, or quality of a product, process, or service.

Measure

The process of quantitatively assessing performance, characteristics, or quality of products, services, or processes, typically by using specific tools and metrics.

Supply Chain Financial Impact

The effect that supply chain operations and efficiency have on the financial health and profitability of a company.