If the Income Elasticity of Demand for Some Good Is

question 150

Multiple Choice

If the income elasticity of demand for some good is 2.4,a 10% increase in income results in

• A)a 24% increase in the quantity demanded.
• B)a 2.4% increase in the quantity demanded.
• C)a 240% increase in the quantity demanded.
• D)a 24% decrease in quantity demanded.
• E)a 240% decrease in quantity demanded.

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Definitions:

Marquis de Condorcet

A French philosopher, mathematician, and early political scientist who advocated for a liberal economy, free and equal public instruction, and the abolition of slavery.

Philosophe

A term used primarily to describe the intellectuals of the 18th-century Enlightenment, who sought to apply reason and scientific methods to all aspects of society and human life.

Terror

The use of extreme fear as a means of coercion, often involving violence and threats, to achieve certain ends such as political, religious, or ideological goals.

Directorate

refers to a form of government or a governing body, such as the five-member Directory that ruled France from 1795 to 1799 during the latter stages of the French Revolution.