If an Individual's Housing Purchases Are Always a Constant Fraction

question 27

Multiple Choice

If an individual's housing purchases are always a constant fraction of income,then the income elasticity of demand for housing is

• A)greater than one.
• B)equal to one.
• C)less than one.
• D)Cannot be determined from the available information.

---

Definitions:

Personal Problems

Issues or difficulties that an individual faces in their personal life, which can affect their mental or emotional well-being.

Social Problems

are issues within a society that cause a significant number of individuals distress or harm, often requiring collective action to address.

Emotional States

The different feelings or moods that an individual can experience, which can influence behavior and perception.

Scientific Evidence

Information, facts, or data that serve to either support or counter a scientific theory or hypothesis, often obtained through repeatable experiments and observation.