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:

FIFRA

The Federal Insecticide, Fungicide, and Rodenticide Act, which is a United States law that sets up the basic U.S. system of pesticide regulation to protect applicators, consumers, and the environment.

Herbicides

Chemical substances used to control or eliminate unwanted vegetation, especially weeds, in agricultural or landscape maintenance.

Glyphosate

A broad-spectrum systemic herbicide used to kill weeds, especially annual broadleaf weeds and grasses that compete with crops.

Pest Control

The regulation or management of a species defined as a pest, typically because it negatively affects human health, the economy, or the environment.