According to this Application, for approximately 12 million homeowners in 2012, the amount owed on mortgages was higher than the actual value of the homes. Homeowners who find themselves in this situation are said to be
A) "financially grounded." B) "subprime borrowers."
C) "underwater." D) "shadow mortgage holders."
C
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Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year?
A) 200 tons of agricultural products per year B) 400 tons of agricultural products per year C) 500 tons of agricultural products per year D) 600 tons of agricultural products per year
Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. If the vote is between allocating funds to research on Alzheimer's and increased border security
A) Jasmine and Rose vote for Alzheimer's research, Ivy votes for increased border security, and Alzheimer's research wins. B) Ivy and Jasmine vote for Alzheimer's research, Rose votes for increased border security, and Alzheimer's research wins. C) Jasmine and Ivy vote for increased border security, Rose votes for Alzheimer's research, and increased border security wins. D) Ivy and Rose vote for increased border security, Jasmine votes for Alzheimer's research, and increased border security wins.
In long-run monopolistic competition, firms earn zero economic profit
Indicate whether the statement is true or false
When a firm produces a product that creates external costs
A) the firm produces a level of output larger than would be produced without the external cost. B) the firm produces a level of output smaller than would be produced without the external cost. C) the firm produces a level of output which would be the same as it would produce without the external cost. D) the market provides the efficient level of output even with the existence of the external cost.