When the housing market bubble burst, many people found that:
A. the value of their homes exceeded their mortgage loans.
B. they owed more than their house was now worth.
C. it was much easier to sell their home.
D. there was a limited number of houses for sale.
Answer: B
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Which of the following curves reflects the idea that in the long run, output is determined only by the factors of production and given technology?
A) the aggregate demand curve B) the long-run aggregate supply curve C) the Keynesian aggregate supply curve D) the market supply curve
A rent ceiling set above the equilibrium rent
A) decreases the quantity demanded but not the quantity supplied. B) decreases the quantity supplied but not the quantity demanded. C) decreases both the quantity demanded and the quantity supplied. D) has no effect on the market outcome.
Wage differentials between groups can occur as a result of
a. job market discrimination and premarket discrimination only b. differences in education, job experience, and geographic location only c. job market discrimination and differences in education and job experience only d. premarket discrimination and differences in geographic location only e. premarket discrimination, job market discrimination, and differences in education, job experience, and geographic location
The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions
a. True b. False Indicate whether the statement is true or false