If a good has an income elasticity of demand greater than 1, one might classify that good as

The following data describe Mexico's economy in 2007

Government spending $210 billion Investment $210 billion Exports $272 billion Imports $283 billion GDP 1 trillion Population 110 million From the data, we can conclude that ________ in Mexico in 2007. A) consumption totaled $591 billion B) net exports totaled -$11 billion C) GDP per person equaled $2000 D) imports were the largest component of GDP

When the price of raisins falls, the quantity of raisins demanded rises. Explain this change in terms of income and substitution effects

What will be an ideal response?