As the housing bubble collapsed, as more foreclosures occurred, and the supply of homes for sale:
A. increased, it further decreased home values, which led to more foreclosures.
B. decreased, as homeowners refused to sell when they owed more than the market value.
C. decreased, as homeowners no longer wanted to sell their homes when prices were low.
D. increased, the price of homes fell, and so the demand for homes increased.
Answer: A
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A voting procedure in which each voter ranks alternatives and awards more points to higher-ranked alternatives and fewer points to lower-ranked alternatives,
and the alternative which receives the most total points from all voters wins, is known as the A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
If the equilibrium exchange rate between U.S. dollars and Japanese yen is $0.008 = 1 yen, but currently the exchange rate is $0.007 = 1 yen, then with flexible exchange rates the dollar price of a yen will __________, and the dollar will __________
A) increase; appreciate B) decrease; appreciate C) increase; depreciate D) decrease; depreciate
The statistical analysis of economic data is referred to as:
A. econometrics. B. calculus. C. deductive reasoning. D. microeconomics.
Which of the following transactions would take place in the "underground economy"?
A) Elizabeth tells her mother she's going to work but really goes to see a movie. B) Paul buys 15 gallons of gasoline for $3.29 a gallon, not realizing that $1.50 per gallon of that price goes to the government as tax revenue. C) John makes chain-link belts and necklaces and sells them at a local flea market for cash to avoid paying taxes. D) Matt bought an iPad for $499 but decided to sell it on eBay instead of keeping it.