If the Income Elasticity of a Good Is Positive, We

question 91

Multiple Choice

If the income elasticity of a good is positive, we can conclude that the good is

• A) an inferior good.
• B) a normal good.
• C) a luxury good.
• D) a necessity.

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Definitions:

Drawer

In banking and finance, the person who writes or draws a check, draft, or bill of exchange.

Drawee

The party in a transaction upon whom a check, draft, or bill of exchange is drawn and who is directed to pay.

Unqualified Endorsements

Signatures on a negotiable instrument without any limiting conditions, which transfer full control of the instrument to another party.

Types

Refers to the various categories or distinct forms that objects, concepts, or persons can be classified into.