If the Income Elasticity of Demand for a Good Is

question 122

Multiple Choice

If the income elasticity of demand for a good is negative, this implies that

• A) only the poor will buy the good.
• B) as incomes fall, less will be spent on the good.
• C) as incomes rise, the demand for the good will fall.
• D) the good does not obey the law of demand.

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Definitions:

Anemia

A condition in which there is a deficiency of red cells or of hemoglobin in the blood, leading to fatigue, weakness, and shortness of breath.

Hemoglobin and Hematocrit

Hemoglobin is a protein in red blood cells carrying oxygen, whereas hematocrit is the ratio of the volume of red cells to the total volume of blood.

Total Bilirubin

A measure of all the bilirubin in the blood, indicating liver function and helping to detect jaundice or other liver-related diseases.

Fecal Occult Blood Testing

A non-invasive test to detect hidden blood in the stool, which can be a sign of colorectal cancer or other conditions.