For a Renter,the Income Effect of an Increase in Apartment

question 67

Multiple Choice

For a renter,the income effect of an increase in apartment rents will:

• A)have a greater impact than the income effect of an increase in the price of a chewing gum.
• B)be almost negligible,because everything except price is assumed constant along a demand curve.
• C)have less of an effect than the income effect of a decrease in the price of dairy products.
• D)be almost negligible,because housing is a necessity.
• E)have a greater impact than the positive substitution effect of this price change.

---

Definitions:

Simple Random Sampling

A sampling procedure in which each member of the population has an equal probability of being included in the sample.

Stratified Random Sampling

A probability sampling method in which a population is divided into subpopulation groups called strata; individuals are then randomly sampled from each of the strata.

Psychology Majors

Students specializing in the study of the human mind, behaviors, and emotions in their academic pursuit.

Haphazard Sampling

A non-systematic and random method of selecting samples, lacking any specific structure or plan.