When housing prices fell during 2007, the mortgage default rate
a. declined as well.
b. responded in a similar manner as during other recent recessions.
c. increased substantially.
d. changed very little.
C
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A breakdown of financial markets can result in
A) financial stability. B) rapid economic growth. C) political instability. D) stable prices.
Demand curves can be affected by the prices of related goods
a. True b. False Indicate whether the statement is true or false
Typical estimates of the sacrifice ratio suggest that about 10 percent of annual output has to be given up in order to reduce the inflation rate from
a. 8 percent to 4 percent. b. 8 percent to 5 percent. c. 7 percent to 5 percent. d. 7 percent to 6 percent.
A firm operating in a competitive market will stay in business in the long run so long as the market price is equal to or exceeds the firms average total cost; otherwise, the firm will shut down
Answer the following statement(s) true (T) or false (F)