59. If your purchases of shoes decrease from 11 pairs per year to 9 pairs per ye

Question

59. If your purchases of shoes decrease from 11 pairs per year to 9 pairs per year when your income increases from $19,000 to $21,000 a year, then, for you, shoes are considered a(n):

     A) normal good.

     B) inferior good.

     C) complementary good.

     D) substitute good.

64. The percentage change in quantity demanded of one good or service divided by the percentage change in the price of a related good or service is:

     A) price elasticity of demand.

     B) quantity elasticity of demand.

     C) income elasticity of demand.

     D) cross price elasticity of demand

68. The cross price elasticity of demand of unrelated goods:

     A) is less than 0.

     B) is equal to 0.

     C) is greater than 0.

     D) could be any of the above.

Explanation / Answer

B) inferior if consumption of a good decreases as income goes up. A) B)

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