Programs allowing for the direct pass-through of losses and income to investors include all of the following EXCEPT: A) REITs.
B) oil and gas drilling direct participation programs.
C) S corporations.
D) new construction real estate direct participation programs.

A) REITs (Real Estate Investment Trust).

Explanation:

Note that a Real Estate Investment Trust (REIT) is a company that gathers the capital of several investors to secure a real estate property, thus, they allow each individual investors to earn dividends from thier real estate investments.

The Real estate investment trust program often allows the passing through of income but not for losses, in a sense the real estate investors bear any losses that maay arise.

d, conspicuous consumption is when you try to increase your wealth or social status (and in the case he's trying to create the perception of wealth considering he can't really afford it)

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.