In 2008, foreclosures reached a record high. Which of the following is NOT a possible reason for foreclosures?
A) Many mortgages were initiated without a down payment.
B) Many mortgages were initiated on secondary and investment homes.
C) Some mortgages were adjustable rate mortgages which might have dramatically increased monthly payments for some.
D) Property values were increasing too fast.
D
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All of the following shift the labor demand curve EXCEPT changes in
A) fringe benefits offered to employees. B) the demand for the final product. C) labor productivity. D) prices of related factors.
In the above figure for a monopolistically competitive firm, the total revenue at the profit-maximizing point is
A) $540. B) $840. C) $400. D) $880.
The quantity theory of money of the Classical economists says that a change in the money supply will produce a:
A. proportional change in the price level. B. greater than proportional change in the price level. C. less than proportional change in the price level. D. wide variation in the velocity of money.
In the employment of any resource, a firm should
A. hire each input unit that adds more to revenue than it adds to costs. B. equate marginal revenue product with the cost of the additional resource. C. hire until MRP equals MFC. D. All of these are correct.