If the Income Elasticity of Demand Is 2,the Good Is

question 45

Multiple Choice

If the income elasticity of demand is 2,the good is

• A)a luxury.
• B)a normal good (but not a luxury).
• C)an inferior good.
• D)a Giffen good.

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Definitions:

William Lloyd Garrison

An American abolitionist, journalist, suffragist, and social reformer who is best known for his editorship of the abolitionist newspaper The Liberator and for being one of the founders of the American Anti-Slavery Society.

African Colonization

The process by which European powers occupied, controlled, and exploited the continent of Africa, fundamentally reshaping its societies, borders, and economies from the 19th century to the mid-20th century.

American Society

The body of individuals who live in the United States, characterized by diverse cultures, social practices, and values.

Equality

The state of being equal, especially in status, rights, and opportunities.