If the Quantity Demanded for a Good Rises as Income

question 18

Multiple Choice

If the quantity demanded for a good rises as income rises then the income elasticity of demand for this good is ________ than 0, and the good is ________ good.

• A)greater; an inferior
• B)less; a normal
• C)less; an inferior
• D)greater; a normal

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Definitions:

Calendar Year

A one-year period that begins on January 1 and ends on December 31, used for general reporting and taxation purposes.

Jane's Capital

Jane's Capital refers to the amount of money or value of assets that Jane has invested in a business or enterprise.

Legal Practice

The profession and activities related to providing legal advice, representation, and services to clients.

Journal Entry

A record in accounting that notes a specific financial transaction in a company's general ledger.