Nonnormative Life Events Are

question 23

Multiple Choice

Nonnormative life events are

• A) unusual events that influence a person's life.
• B) events that generally happen to everyone.
• C) typical for a given population.
• D) traumatic or unhappy events.

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Definitions:

Highly Elastic

Describes a market situation where demand or supply of a good or service is very sensitive to changes in price.

Excise Tax

A tax imposed on the sale of specific goods and services, such as fuel, tobacco, and alcohol.

Burden

The negative impact, stress, or obligation imposed by a situation, decision, or policy.

Efficiency Loss

The decrease in economic efficiency resulting from the inability to reach or achieve the equilibrium for a product or service.