Average Annual Consumer Incomes Rise from $50 000 to $60

question 14

Multiple Choice

Average annual consumer incomes rise from $50 000 to $60 000,pushing up the quantity demanded for cars in a given region from 750 000 to 1.25 million.The numerical value of the income elasticity of cars is therefore:

• A)0.33
• B)3.33
• C)2.75
• D)0.36
• E)-0.36

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Definitions:

Indefinite Useful Lives

An accounting classification for intangible assets that are not expected to expire or have an end to their useful economic life.

Auditors

Professionals responsible for examining and verifying the accuracy of financial records and statements of an organization.

Investment Account

An account held at a financial institution that contains investments like stocks, bonds, mutual funds, and ETFs, potentially helping the owner achieve long-term financial goals.

Dividends

Payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.