Which of the following is most likely to have an income elasticity of demand that exceeds 1?
A) tobacco
B) alcoholic beverages
C) airline travel
D) food
E) telephone
C
Economics
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The assumption of completeness means that
A) the consumer can rank all possible consumption bundles. B) more of a good is always better. C) the consumer can rank all affordable consumption bundles. D) all preferences conditions are met.
Economics
By the 18th century, the bulk of world output was produced in:
a. Asia b. Africa c. Europe d. The Asian offshoots e. none of the above
Economics