If a Good Has an Income Elasticity of Demand Greater

question 112

Multiple Choice

If a good has an income elasticity of demand greater than 1,one might classify that good as

• A) a necessity.
• B) a luxury.
• C) unusual.
• D) inelastic.

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Definitions:

Creativity

The ability to produce original and valuable ideas or things, involving imagination and the willingness to explore.

Meditation

A practice of concentrated focus upon a sound, object, visualization, the breath, movement, or attention itself to increase awareness of the present moment.

Respiration

Respiration is the process by which living organisms take in oxygen and release carbon dioxide, involving the exchange of gases as a part of metabolism.

Zen Meditation

A form of meditation originating in Buddhism that emphasizes sitting in reflective mindfulness to gain insight into the nature of existence and personal enlightenment.