Answer:
It's called a Normal Good
Explanation:
Normal Goods are a type of goods whose demand shows direct relations with a consumer's income. The consumption of a normal good increases with the increase of a consumer's income, if the income decreases the consumption decreases.
Normal goods have a positive income elasticity of demand. Income elasticity of demand measures the magnitude with which the quantity demanded for a good changes in reaction to a change in income. A normal good has an income elasticity positive, but minor to one.
In this case, if the price of a good increases, the income of the consumer decreases, therefore it consumes fewer quantities of the product. An example of a normal good is Organic food.
An inferior good has an income elasticity of demand negative, meaning that if the income increases, the consumption decreases. An example of an inferior good is margarine if the income increases, consumers will start buying a superior product like butter.
A Luxury good presents an income elasticity of demand superior to one. The consumption of a luxury product increases more than proportional to the increase in income. An example of a luxury good is luxury cars.
Answer:
The correct option is D
Explanation:
LIBOR termed as London Interbank Offered Rate, which is the rate of interest at which the major banks globally lend to another bank in the international market for the loans which are short- term in nature.
LIBOR, serves or states as the accepted key interest rate globally , which states the cost of borrowing among the banks.
Therefore, LIBOR, is the term which is the interest rate charged by banks in London to lend money among themselves.
Durable and nondurable goods are included in the GDP calculation of consumption. Option D
This is further explained below.
<h3>What is included in the
GDP calculation of consumption?</h3>
The value of all the goods and services produced inside the borders of a country over the course of a specific period of time is typically referred to as that nation's gross domestic product (GDP).
The term "gross domestic product" (GDP) refers to the total amount of money or market value that is represented by all of the finished goods and services that are produced within the borders of a country over a given period of time.
It is a measure encompassing all domestic production, which allows it to operate as an all-encompassing scorecard of the economic health of a specific country.
In conclusion, it functions as an all-encompassing barometer of the economic well-being of a country by acting as a measure of the overall industrial output of that country.
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Answer:
Chapter 7 bankruptcy
Explanation:
Chapter 7 bankruptcy is the most common type of bankruptcy filing and it can be filed by individuals, partnerships or corporations (anyone can do it). It is also the quickest and simplest form of bankruptcy filing. But if you are an individual, in order to qualify for Chapter 7 bankruptcy you must earn less than the median state income. Many people choose Chapter 7 bankruptcy since they can get to keep all or almost all of their property.