Housing prices peaked in:
a. 1997.
b. 2000.
c. 2003.
d. 2006.
d
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Keynesian economics developed in response to:
a. the Great Depression of the 1930s. b. the inflation following World War II. c. economic growth during the 1950s. d. the Vietnam War. e. the oil embargo in the 1970s.
A normal good is a good whose quantity demanded
A. rises when its price falls. B. falls when the price of a related good falls. C. falls when the consumer’s total utility rises. D. rises when the consumer’s real income increases.
If, in a closed economy, real GDP is $30 billion, consumption is $20 billion, and government purchases are $5 billion, what is total saving in the economy?
A) $5 billion B) $15 billion C) $45 billion D) $55 billion
Government intervention always results in the optimal mix of output.
Indicate whether the statement is true or false.