If a Good Has an Income Elasticity of 0

question 141

Multiple Choice

If a good has an income elasticity of 0.18,then it is:

• A) a normal good, and a necessity.
• B) a normal good, and a luxury good.
• C) an inferior good, and a necessity.
• D) an inferior good, and a luxury.

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Definitions:

Abrasive

A material or substance used for grinding or polishing, or a personality trait characterized by harshness or a lack of tact.

Emotional Intelligence

The capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.

Self-Awareness

Self-Awareness involves the conscious knowledge of one’s own character, feelings, motives, and desires, playing a critical role in personal development.

Cross-Cultural

Involving or bridging the differences between cultures, often with a focus on understanding and interaction.