Assume There Is a Simultaneous Decrease in the Incomes of People

question 18

Multiple Choice

Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters,plumbers,and electricians.All else constant,we can predict,with certainty,that in the market for new homes the equilibrium:

• A)quantity of new homes will decrease.
• B)quantity of new homes will increase.
• C)price of new homes will decrease.
• D)price of new homes will increase.

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Definitions:

Measurement Error

The difference between the observed value and the true value of a variable, due to imprecision in measurement tools or techniques.

Reactivity

The phenomenon in which the presence of an observer or the awareness of being measured alters the behavior or responses of subjects.

Variability

The degree to which scores in a dataset differ from each other and from their average.

Reliability Coefficient

The reliability coefficient is a measure that assesses the consistency or stability of a test score or instrument over time.