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:

Vote Rights

The entitlement of individuals to participate in the election of government officials and to influence government decision-making through the electoral process.

Bourgeoisie

Historically, the social class that emerged in the Middle Ages, primarily composed of town merchants, artisans, and professionals, often associated with wealth and materialistic values.

Traditional Classes

The societal categories into which people are divided in a hierarchical order, often based on their occupation, birth, or wealth, traditional in many societies.

Third Estate

The common people of France prior to the French Revolution, as opposed to the clergy (First Estate) and the nobility (Second Estate).