The causes of the skyrocketing mortgage default rates that triggered the financial crisis in 2007-2008 include the following, except:
A. Mortgage lending became very lax
B. Many people took on mortgages that they were simply incapable of repaying
C. Housing price increased drastically
D. Real estate values started declining after having risen for many years
C. Housing price increased drastically
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In a payoff matrix for a three-player game, there are three payoffs in each cell. The third payoff goes to the column player
Indicate whether the statement is true or false
Refer to Figure 4-1. If the market price is $1.50, what is Arnold's consumer surplus?
A) $1.50 B) $2.25 C) $3.00 D) $4.75
Which of the following institutions has the responsibility for distributing currency and coins to the U.S. banking system?
A) the Office of the Comptroller of the Currency B) the Federal Reserve System C) the U.S. Bureau of Engraving and Printing D) the U.S. Treasury Department
An increase in the demand for a good means that:
a. the demand curve has shifted to the left. b. the good's price has fallen and, as a result, consumers are buying more of the good. c. the good has become scarce. d. consumers are willing to purchase more of the good at each possible price.