Examlex

Solved

If the Income Elasticity of Demand Is Less Than 1

question 152

True/False

If the income elasticity of demand is less than 1.0, it means it is an inferior good.


Definitions:

Carbohydrates

Organic compounds, including sugars, starches, and cellulose, which are a major source of energy for the body.

Basal Metabolic Rate

The amount of energy per unit time that a person needs to maintain the functioning of their body at rest.

Set Point

A theory suggesting that an individual's body weight is maintained around a biologically predetermined point.

Set Point

A theory suggesting that an individual's body weight is regulated at a predetermined, or preferred, level by a feedback control mechanism.

Related Questions