Differences in income are most directly related to which of, Ask an Expert

Economics

Differences in income are most directly related to which of the following economic? questions?

A. What goods and services are? produced?

B. Who consumes the goods and services that are? produced?

C. In what quantities are various goods and services? produced?

D. How are goods and services? produced?

When? consumers' incomes increased 6? percent, the quantity of wine bought increased 12 percent. This result means

A. the income elasticity of wine is 0.5 and wine is a necessity.

B. the price elasticity of wine is 2 and wine is an elastic good.

C. the income elasticity of wine is 2 and wine is a luxury.

D. the demand for wine is income inelastic.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92000426

Have any Question?Write your Review or question?

Related Questions in Business Economics

Given that the heights of adult males show a mean of 69 and

Given that the heights of adult males show a mean of 69" and standard deviation 2.7." A sample of 37 adult males shows a mean of 68.2" and standard deviation of 2.9." 1. Which of the following is a statistic? a) 69" b) 2 ...

How does consumers influence the market price of goods it

How does consumers influence the market price of goods it sells, and what does the term, "market power" means?

A if the required reserve ratio is 250 percent what is the

a. If the required reserve ratio is 2.50 percent, what is the monetary multiplier b. If the monetary multiplier is 5, what is the required reserve ratio?

You have conducted a test and have this information p 03

You have conducted a test and have this information: p = .03 and a = .05, what is the probability that you will make a Type 1 error? If you want to decrease the chance of making a Type 1 error what should you change? You ...

Please discuss your thoughts on the us governments role in

Please discuss your thoughts on the U.S. Governments role in protecting our financial markets. Do you think that the Federal Reserve and the Treasury Department should have saved the Wall Street Giants? What is your posi ...

1 government spending fluctuates less than spending by

1. Government spending fluctuates less than spending by households and spending by firms on investment. Explain. 2. In countries with well-developed tax collection and welfare systems, there are automatic stabilisers tha ...

Give an example of a binary relation which is connected and

Give an example of a binary relation which is connected and transitive but not reflexive.

Assume newspaper for garbage or recycling has a standard

Assume newspaper for garbage or recycling has a standard deviation of 2 pounds. If we want to estimate the average amount of newspaper for garbage or recycling within .25 pounds with 90% confidence, how many households m ...

How do changes in income affect consumption and savingwhat

How do changes in income affect consumption (and saving)? What are factors other than income that can affect consumption?

What are some ways being able to visually see data in a

What are some ways being able to visually see data in a graphic presentation beneficial?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert