An Inferior Good Is Defined by an Income Elasticity Less

question 113

True/False

An inferior good is defined by an income elasticity less than 1.

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Definitions:

Federal Reserve Board

Governs the Federal Reserve System, the central banking system of the United States, and oversees the nation's money supply and banking industry.

Money Laundering

The illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to be earned legally.