Where Are More Bus Fatalities Likely to Occur

question 12

Multiple Choice

Where are more bus fatalities likely to occur?

• A)When children are climbing the steps into the bus.
• B)The 10 foot danger zone immediately surrounding the bus.
• C)The 10 foot danger zone in front of the bus.
• D)Inside the bus from overturns.

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Definitions:

Normal Good

A good for which demand increases as the income of consumers increases and vice versa, all else being constant.

WARP

WARP, or the Weak Axiom of Revealed Preference, is an economic principle stating that if a consumer chooses one bundle of goods over another when both are available, then they will not choose the second bundle when the first one remains available.

Perfect Complements

Goods that are always consumed together in fixed proportions because their consumption provides utility only when combined, such as left and right shoes.

Income Effect

The change in an individual's consumption choices that results from a change in their real income or purchasing power.