Both the Birthrate and the Buying Power of Ethnic Groups

question 204

True/False

Both the birthrate and the buying power of ethnic groups in the U.S. are increasing.

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Definitions:

Inelastic

Describing demand that does not significantly change with the price changes of a good or service.

Income Elasticities

Refers to the sensitivity of the demand for a good to changes in the income of the consumers who buy this good.

Normal Goods

Products that see an increase in demand when consumer income grows, and experience a drop in demand as consumer income declines.

Wheat Yields

The quantity of wheat produced per unit of land area.