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Introduction to Economics 1
Introduction to Economics 1 Deneme Sınavı
Introduction to Economics 1 Deneme Sınavı Sorusu #726111
Introduction to Economics 1 Deneme Sınavı Sorusu #726111
Which of the goods or services below is expected to have a large income elasticity?
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Bread |
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Dental care |
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Jewelry |
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Clothing |
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Water |
Yanıt Açıklaması:
Necessities, such as food, clothing, health services and gasoline tend to have small income elasticities since consumers, regardless of their income levels, chose to buy these items. Luxuries on the other hand tend to have large income elasticities. The correct answer is C.
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