In states which operate under title theory, the borrower
a. transfers ownership to the mortgagee or a third party until paid
b. transfers possession to the mortgagee or a third party until paid
c. pledges the property as security on the loan
d. creates a tenancy in common w/ the lender
Answer: a. transfers ownership to the mortgagee or a third party until paid
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The figure above shows a nation's production possibilities frontier. If the marginal cost equals the marginal benefit at point A when 4 million pizzas are produced,
A) allocative efficiency is achieved but production efficiency is not achieved because there are no tacos being produced. B) both allocative and production efficiency are achieved. C) production efficiency is achieved but allocative efficiency is not achieved because there are no tacos being produced. D) production efficiency is achieved but allocative efficiency is not achieved because the number of tacos produced is at its absolute maximum. E) neither allocative nor production efficiency has been achieved.
The Clean Air Act is designed to restrict automobile emissions and reduce the external costs of air pollution. The economic analysis used to develop the Clean Air Act was:
A) normative. B) positive. C) macroeconomic. D) none of the above
Price and output decisions are two aspects of the same choice
a. True b. False Indicate whether the statement is true or false
Consider the labor market for short-order cooks. A labor-augmenting technological change such as a faster food processor will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.