Which of the following laws states that as a family's income increases, the percentage spent on food will decrease?
a.
Pareto's law
b.
Engel's law
c.
The law of diminishing returns
d.
Gresham's law
Answer: B
Which of the following laws states that as a family's income increases, the percentage spent on food will decrease?
a.
Pareto's law
b.
Engel's law
c.
The law of diminishing returns
d.
Gresham's law
Answer: B