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MMLU / You are told that the income elasticity for DVDs is + 1.5. This means that

Problem

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question

You are told that the income elasticity for DVDs is + 1.5. This means that

choices

  1. a 10 percent increase in income produces a 15 percent increase in consumption of DVDs. DVDs are a normal luxury good.
  2. a 10 percent increase in income produces a 15 percent increase in consumption of DVDs. DVDs are an inferior good.
  3. a 10 percent increase in income produces a 15 percent decrease in consumption of DVDs. DVDs are an inferior good.
  4. a 10 percent increase in the price of DVDs produces a 15 percent decrease in consumption of DVDs. DVDs are a price elastic good.

subject

high_school_microeconomics

Discussion

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Source and history

task_id
279a1b4f-716d-541c-8b10-4e52134e2f8e
task_key
all--test--279a1b4f-716d-541c-8b10-4e52134e2f8e
task_revision_id
1
config / split
all / test

Official source

initial import