Income Elasticity of Demand Measures How

question 80

Multiple Choice

Income elasticity of demand measures how

• A)the quantity demanded changes as consumer income changes.
• B)consumer purchasing power is affected by a change in the price of a good.
• C)the price of a good is affected when there is a change in consumer income.
• D)many units of a good a consumer can buy given a certain income level.

---

Definitions:

Type A Personality

A personality type characterized by high levels of competitiveness, self-imposed stress, and a constant sense of urgency.

External Locus of Control

The belief that outcomes in one’s life are largely influenced by external forces or luck rather than one’s own efforts.

Immediate Gratification

Describes the desire to experience pleasure or fulfillment without delay or deferment.

Self-Control

The skill to maintain control over one's emotions, thoughts, and actions amid temptations and impulsive reactions.