The United States Supreme Court Was Created By

question 41

Multiple Choice

The United States Supreme Court was created by:

• A) Congress.
• B) the President.
• C) the Uniform State Law Commission.
• D) none of the above.

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Definitions:

Income Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all else constant.

Midpoint Method

A technique used in economics to calculate the percentage change between two points by dividing the change by the average of the initial and final values.

Normal Goods

Goods for which demand increases as the income of individuals increases, and vice versa.

Income Elasticity of Demand

An indicator of the responsiveness of the demand for a product to variations in consumer income.