A Good with an Income Elasticity of 0

question 131

Multiple Choice

A good with an income elasticity of 0.4 is:

• A) a luxury good.
• B) a normal good.
• C) an inferior good.
• D) a substitute good.

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Definitions:

Communication Technology

The use of tools and applications to facilitate human interaction and the exchange of information over distances.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence among countries.

Canadian Trade

The exchange of goods, services, or both within Canada or between Canada and other countries, encompassing both imports and exports.

South Korean Government

The administrative and political systems that govern the Republic of Korea, encompassing its executive, legislative, and judicial branches.