Which of the Following Items Is Likely to Have the Highest

question 156

Multiple Choice

Which of the following items is likely to have the highest income elasticity of demand?

• A)a luxury cruise to several European countries
• B)water
• C)breakfast cereal
• D)a hamburger

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Definitions:

Babylonian King

A ruler of Babylon, an ancient city-state located in what is now Iraq, known for its rich history and contributions to law, mathematics, and astronomy.

Hammurabi

An ancient Babylonian ruler known for creating one of the world's earliest and most complete written legal codes, the Code of Hammurabi.

Maya Written Records

Ancient texts produced by the Maya civilization in Mesoamerica, including codices, stelae, and murals that document their history, astronomy, and rituals.

Islam

A monotheistic Abrahamic religion based on the teachings of the Quran, which Muslims consider the verbatim word of God, and the teachings of the Prophet Muhammad.