If Income Increases by 10% And, in Response, the Quantity

question 100

Multiple Choice

If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of demand for housing is

• A) -1.
• B) -0.7.
• C) 0.7.
• D) 1.43.

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Definitions:

Retrograde Amnesia

A loss of memory-access to events that occurred or information that was learned before an injury or the onset of a disease.

Anterograde Amnesia

A condition characterized by the inability to form new memories following the onset of the condition.

Graduated Amnesia

A hypothetical or not commonly used term that may refer to the progressive loss of memory.

Suggestibility

The quality of being inclined to accept and act on the suggestions of others, often studied in the context of memory and eye-witness testimony.