When the demand for a good increases with an increase in income, such a good is called -

Related MCQs

• An Increase in national income because of an increase in price is called-
• The ratio of the total increase in a country’s national income to the increment in export revenue generating the increase is called:
• The demand of a commodity is a direct demand but the demand of a factor of production is called a -
• The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
• When income increase, consumption also increases :
• Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases?
• An increase in per capital income is not an indication of an increase in the economic welfare of the people -
• Which law of economics states that “with given preferences or tastes, the proportion of income spent on food diminishes as income increase”?
• In the case of an inferior good, the income elasticity of demand is :
• If a good has negative income elasticity and positive price elasticity of demand, it is a