Giffen Goods

question 253

Multiple Choice

Giffen goods

• A)are theoretical and have never been discovered in the real world.
• B)have not existed since prior to the Industrial Revolution.
• C)were proven to exist in the 1890s by Sir Robert Giffen.
• D)were not shown to actually exist until 2006.

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Definitions:

Costly

Having a high price or great expense; also can refer to situations or actions requiring significant sacrifice or effort.

Multiple Intelligences

A theory suggesting that intelligence is not a single general ability, but rather comes in multiple forms, such as linguistic, logical-mathematical, musical, bodily-kinesthetic, spatial, interpersonal, and intrapersonal intelligences.

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which suggests that intelligence is multidimensional and not solely measured by IQ.

IQ Tests

Standardized assessments designed to measure human intelligence and cognitive abilities.