# If for good z income elasticity is less than 1 but

• 62
• 98% (229) 224 out of 229 people found this document helpful

This preview shows page 16 - 19 out of 62 pages.

57. If for good Z income elasticity is less than 1 but greater than zero, then demand for good Z is income __________, and good Z is a(n) __________ good. a. inelastic; normal
b. inelastic; inferior c. elastic; normal d. elastic; an inferior e. unit elastic; normal ANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 58. If good Z has an income elasticity of 1.0, then demand for good Z is income __________ and the good is __________. e
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 59. A normal good is d
POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Comprehension 60. An inferior good is c
POINTS: 1
DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Comprehension 61. If the percentage change in quantity demanded of a good is less than the percentage change in buyer's income, then the good is said to be a. income elastic. b. income inelastic. c. income unit elastic. d. price elastic. e. price inelastic. ANSWER: b
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Comprehension 62. If the percentage change in quantity demanded of a good is equal to the percentage change in buyer's income, then the good is said to be c
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Comprehension