For which of the following goods is the value of income elasticity most likely to be negative?
a. macaroni and cheese
b. champagne
c. airline tickets
d. clothes
e. toothpaste
A
You might also like to view...
How can a corporation's board of directors and its managers try to reduce the principal-agent problem?
What will be an ideal response?
Caution must be exercised in using regression models for prediction when:
a. the value of the independent variable lies inside the range of observations from which the model was estimated b. the value of the independent variable lies outside the range of observations from which the model was estimated c. diminishing returns are present d. the existence of saturation levels are present e. none of the above
Which of the following is NOT an attribute of a public good?
A. Being non-excludable B. Indivisibility C. Uncompensated third-party costs D. Being non-rivalrous
The first economist to analyze economic rent was
A. John Stuart Mill. B. Henry George. C. David Ricardo. D. Karl Marx.