In 2006 and 2007, for the first time in decades, in many major urban areas across the U.S.,
A. Springfield, Ohio became the nation's Least Affordable Place to Live according to NAHB.
B. the NASDAQ stock market lost approximately 70% of its value.
C. housing prices began to fall.
D. property tax rates decreased.
Answer: C
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For negotiations to eliminate an externality to be successful
A. one person must be willing to benefit by less than the cost of the externality. B. one person must benefit by double the cost of the externality. C. both parties must agree on a mutually beneficial trade. D. both parties must have property rights.
Classical growth theory predicts that increases in real GDP per person will
A) last because people make choices in the pursuit of higher profits. B) not last because higher income encourages smaller families and a lower population growth rate. C) not last because higher income leads to a population explosion. D) last because higher growth leads to new technology. E) last only if the government directs firms to make more investments in capital and new technology.
If there is a direct relationship between two variables
A) the graph of the relationship will be upward-sloping. B) the graph of the relationship will be downward-sloping. C) the slope of the line (or the slope of a tangent line to the curve) will be negative. D) Both answers A and C are correct.
If Billy's reservation price on a snowboard is $250, how many snowboards would he buy if the market price of snowboards is $500?
A. 0 B. 1 C. 2 D. The amount of snowboards purchased would depend on Billy's income.