An Income Elasticity Less Than Zero Tells Us That the Good

question 153

Multiple Choice

An income elasticity less than zero tells us that the good is:

• A) a normal good.
• B) a Giffen good.
• C) an inferior good.
• D) an inelastic good.

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Definitions:

Bar Graph

is a graphical display of data using bars of different heights or lengths to represent values of different categories or groups.

Scale Values

Scale values refer to the numerical or categorical measurements assigned to variables or responses for the purpose of quantitative analysis.

Standard Deviation

A computed measure of how much scores vary around the mean score.

Two-factor Theory

A psychological theory proposing that emotions are the result of both physiological arousal and cognitive labeling of that arousal.