The Demand Curve for a Good with an Income Elasticity

question 94

Multiple Choice

The demand curve for a good with an income elasticity of less than one

• A)must be downward sloping.
• B)must be upward sloping.
• C)will be upward sloping only if the substitution effect outweighs the income effect.
• D)will be upward sloping only if the income effect outweighs the substitution effect.
• E)indicates a normal good.

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Definitions:

Hidden Curriculum

Refers to the unwritten, informal teachings and norms that schools impart on students, such as social and behavioral expectations.

Dominant Ideology

The set of beliefs, values, and norms that are widely shared and accepted within a society, often serving to maintain the power of the ruling class or group.

Ideal Culture

The values, norms, and behaviors that a society or group considers desirable and strives for, often contrasted with real culture, which reflects actual behavior and norms.

Cultural Capital

The range of non-financial social assets that promote social mobility beyond economic means, including education, intellect, style of speech, dress, or physical appearance.