If the value of a home falls below the amount owed on the mortgage for that property, the house is said to be ________
A) underwater
B) collateralized
C) swamped
D) in short sale
A
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Long Beach Island, off the coast of New Jersey, is considering building a sand barrier to protect the houses on the island from future hurricanes. For residents of Long Beach Island, this barrier system would be a
A) private good. B) natural monopoly. C) common resource. D) public good.
Because Product X has a very small, positive income elasticity of demand, it is likely that product X is a
A) luxury. B) necessity. C) product with many good substitutes. D) product with many good complements.
According to the search model, the marginal benefit of acquiring information about a product is greater for expensive items than for cheap items
a. True b. False
A rise in the overall price level means that:
A. a given number of dollars won't buy as much real goods and services. B. dollar-denominated assets have lost their value. C. the cost of living has gone down. D. None of these is true.