Which of the following statements is true about the income elasticity of demand?
A) The income elasticity of demand for normal goods is always zero.
B) The income elasticity of demand for inferior goods is always zero.
C) The income elasticity of demand for normal goods is always positive.
D) The income elasticity of demand for inferior goods is always positive.
C
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Foreign currency prices of the U.S. dollar are currently determined by a managed float exchange rate system
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. If a firm cannot make a profit under conditions of perfect competition, it should shut down as soon as possible. 2. Allocative efficiency occurs when firms are producing the goods consumers most want and consumers pay a price equal to marginal cost. 3. Consumer surplus is the area above the demand curve and below the equilibrium price. 4. Producer surplus is the difference between the price the firm is willing to sell its goods and the price it actually receives.
An example of an employer tax credit is the EITC
Indicate whether the statement is true or false
Which of the following expeditions is associated with Vasco Da Gama?
a. Rounding the Cape of Good Hope b. Sailing from Portugal to India and back to Portugal c. Sailing around the world d. Reaching South America e. Exploring Newfoundland