An analysis of housing prices between 1987 and 2008 indicates that prices
a. increased sharply in the five years leading up to the housing bust in 2007.
b. were relatively stable before dropping sharply in 2001.
c. rose steadily during the 1990s, but declined sharply beginning in 2001.
d. were erratic, but there was no discernable trend during either the 1990s or 2000-2006.
A
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Explain how market economies are generally better able to achieve technological progress than are centrally planned economies
What will be an ideal response?
A maximin strategy
A) maximizes the minimum gain that can be earned. B) maximizes the gain of one player, but minimizes the gain of the opponent. C) minimizes the maximum gain that can be earned. D) involves a random choice between two strategies, one which maximizes potential gain and one which minimizes potential loss.
Local telephone service was once an area in which consumers had no choices. Many young people no longer use "land lines," preferring instead to use their cellular phones. This means that the market has moved toward
A. perfect competition. B. monopoly. C. monopsony. D. oligopoly.
You own 10000 bu of wheat in Chicago. You would make the greatest loss if which of the following occurred very quickly?
A. The wheat was hedged and cash price rose $0.50/bu while your basis weakened by $0.15/bu B. The wheat was unhedged and cash price fell by $0.10/bu C. The wheat was hedged and cash price fell $1.00/bu and your basis strengthened by $0.15/bu D. There were no gains in any of the above