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:

New Age Spirituality

A broad movement characterized by alternative approaches to traditional Western culture, with an interest in spirituality, mysticism, holism, and environmentalism.

De La Soul

An influential hip-hop group from Long Island, New York, known for their eclectic sampling, quirky lyrics, and contributions to the development of alternative hip-hop.

Hip Hop

A cultural movement that originated in the 1970s in the Bronx, New York, characterized by four key elements: rapping (MCing), DJing, graffiti art, and breakdancing.

Russell Simmons

An American entrepreneur and record executive, co-founder of the hip-hop music label Def Jam Recordings.