Looking at housing cycles over time (the cycles get smaller with each successive wave) the first wave typically spans
a. 0 to 5 years
b. 5 to 10 years
c. 10 to 15 years
d. 15 to 20 years
e. 25 to 30 years
D
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When does the problem of adverse selection arise in any market?
Which of the following is most likely a topic of discussion in economics?
a. Families must decide whether to spend their money on a new car or a fancy vacation. b. Nations must choose whether to put more of the budget into police and fire protection or into the school system. c. Towns must choose whether to put more of the budget into police and fire protection or into national defense. d. Nations must decide whether to devote more funds to national defense or to police and fire protection.
GDP per capita:
A. tells us about how the output is allocated in an economy. B. tells us about what you can buy with a given amount of money in that country. C. is an average income per person in an economy. D. All of these statements are true.
In which of the following situations will both market clearing price and the equilibrium quantity increase?
A) an increase in demand with no change in supply B) an increase in supply with no change in demand C) a decrease in supply with no change in demand D) a decrease in demand with no change in supply