That portion of the value of owners' property that exceeds the amount of their mortgage debt is called
A) equality.
B) escrow.
C) surplus.
D) equity.
Answer: D) equity.
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Which one of the following was a basic economic conflict between the North and the South in the years preceding the Civil War?
A. The North opposed the high protective tariffs the South supported to protect its manufactured goods. B. The South opposed the high protective tariffs the North supported to protect its manufactured goods. C. The North demanded the abolition of slavery. D. The North opposed the building of a transcontinental railroad.
When real GDP grows more slowly than potential GDP
What will be an ideal response?
Which of the following is NOT an event that causes BOTH the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve to shift?
A. a change in an economy's labor supply B. technological changes C. a temporary change in the price of a key input D. a change in an economy's endowments of the factors of production
Related to the Economics in Practice on page 26: How did the introduction of the microwave oven in 1960 affect the market for frozen food?
A. It increased the financial cost of alternative methods of food preparation, such as conventional ovens. B. It encouraged people to leave the work force by making cooking easier and less time-consuming. C. It reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals. D. It made frozen foods more appealing by increasing the variety of meals that could be frozen and reheated.