According to the Introductory Video in Section 7

question 3

Multiple Choice

According to the introductory video in section 7.1,George Washington's speech to his officers in the Continental Army established the principle that __________.

• A) government should be controlled by army generals
• B) freedom of expression is a fundamental human right
• C) the church should not interfere with political affairs
• D) the military should not interfere with political affairs

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Definitions:

Income Elasticity

A measure of how much the demand for a product or service changes in response to changes in consumer income.

Inferior Good

A type of good for which demand decreases as the income of individuals increases, opposite to normal goods.

Normal Good

A good for which demand increases when income increases, and falls when income decreases but price remains constant, showing a direct relationship between income and demand.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in consumers' income levels.