When housing prices fell as they did beginning in 2006 following the housing market bubble, most banks and other lenders ________ the requirement for borrowers, making it ________ for potential home buyers to obtain mortgages
A) tightened; easier
B) tightened; harder
C) eased; easier
D) eased; harder
Answer: B
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Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 6 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 8 thousand wrenches
A demand schedule shows the time over which different quantities will be demanded
a. True b. False Indicate whether the statement is true or false
When government uses the judgment by performance criterion, a firm is considered a monopoly if it controls a significant segment of the market.
Answer the following statement true (T) or false (F)
Unemployment:
A. causes the production possibilities curve to shift outward. B. can exist at any point on a production possibilities curve. C. is illustrated by a point outside the production possibilities curve. D. is illustrated by a point inside the production possibilities curve.