If the Income Elasticity of Food Is 0

question 116

Multiple Choice

If the income elasticity of food is 0.72,then food is

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

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Definitions:

Mania

A mental state characterized by extremely elevated mood, energy, and unusual thought patterns, often associated with bipolar disorder.

Obsession

Persistent, intrusive, and unwanted thoughts that cause anxiety or distress.

Social Phobia

also known as social anxiety disorder, is the intense fear of being judged or negatively evaluated by others in social situations.

Agoraphobia

An anxiety disorder characterized by an intense fear of being in places or situations where escape might be difficult or help might not be available.