Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000What is Taylor's wealth?

What is a mortgage? What were the important developments in the mortgage market during the years after 1970?

What will be an ideal response?

If policy makers do nothing in a recessionary gap, the most likely outcome is a

a. drop in the inflation rate and a rise in the unemployment rate. b. drop in the inflation rate and a drop in the unemployment rate. c. rise in the inflation rate and a drop in the unemployment rate. d. rise in the inflation rate and a rise in the unemployment rate.