If the Income Elasticity of Hamburgers Is -0

question 117

Multiple Choice

If the income elasticity of hamburgers is -0.8 for John,then his share of income spent on hamburgers will ________ when his income increases.

• A)increase
• B)decrease
• C)remain the same
• D)Not enough information

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Definitions:

Slippery Slope

A logical fallacy that suggests a minor action will lead to major and oftentimes negative consequences without providing evidence for such a drastic outcome.

Kant

A German philosopher in the 18th century known for critical philosophy, especially his Critique of Pure Reason.

Teleological Theory

An ethical theory that holds the consequences of an action as the basis for any judgment about the morality of that action.

Employee Loses

"Employee Loses" could refer to situations where an employee is not successful in a legal battle, competition for promotions, or experiences loss of employment; however, without more context, its specific meaning can vary.