If a Good Has an Income Elasticity of 0

question 141

Multiple Choice

If a good has an income elasticity of 0.18,then it is:

• A) a normal good, and a necessity.
• B) a normal good, and a luxury good.
• C) an inferior good, and a necessity.
• D) an inferior good, and a luxury.

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Definitions:

Financial Statements

Documents that report the financial activities and condition of a business or entity, including the balance sheet, income statement, and cash flow statement.

Land Title

A legal document or evidence that proves ownership of a piece of land.

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