By 2006, 20 percent of the mortgage market consisted of:
A. subprime loans, while 80 percent were still regular prime mortgages.
B. prime loans, and an overwhelming 80 percent had become subprime mortgages.
C. securitized loans, and the rest were backed by the government.
D. individual mortgage loans, and an overwhelming 80 percent had become securitized loans.
A. subprime loans, while 80 percent were still regular prime mortgages.
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The amount of money one would have to give to a consumer to offset the harm from a price increase is called
A) compensating variation. B) structured settlement. C) equivalent variation. D) consumer surplus.
The price system
A) is the voluntary exchange system. B) is old fashioned and is no longer used. C) is used only in countries that are developing. D) is used by the government to maintain stable supply of goods.