The income elasticity of demand for housing property is exactly 1.40 . Due to a recession, you expect incomes to drop by 5% next year. How will consumers adjust their purchase for housing property?
a. Buy 5% more houses
b. Buy 5% fewer houses
c. Buy 7% more houses
d. Buy 7% fewer houses
d
Economics
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The additional benefit incurred when undertaking an activity is the ________ benefit
A) total B) gross C) marginal D) explicit
Economics
The Federal Reserve Board of Governors consists of:
a. 50 members selected by state legislatures. b. 12 members, one from each Federal Reserve District. c. 12 members nominated by the President and confirmed by the Senate. d. seven members elected by Congress. e. seven members nominated by the President and confirmed by the Senate.
Economics