Mortgages issued to individuals with low incomes and poor credit history are called
A) credit mortgages.
B) teaser mortgages.
C) subprime mortgages.
D) income mortgages.
C
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Suppose a credit union strives for a 3% real return on its loans to members, and expects a 2% inflation rate. What nominal rate of interest should it charge its members?
A) 0% B) 1% C) 3% D) 6%
Economics is called an empirical science because
A) economists study real-world evidence to test their models. B) economists use assumptions in their models. C) economic models have no predictive power. D) economic analysis is only useful in a capitalistic society.
There was an extensive black market (illegal market) for many consumer products in the United States during World War II. A likely explanation of the black market is that:
A. the prices of goods were artificially held down by price controls. B. black markets were legal during the war. C. goods were not subject to price controls. D. gasoline rationing greatly restricted civilians from driving to stores.
Marginal Costs (MC)
What will be an ideal response?