What Was the Result of the Housing Industry Crash in 2007

question 96

Multiple Choice

What was the result of the housing industry crash in 2007?

• A) It affected only some reckless speculators but worried American voters.
• B) It destroyed the American economy but benefited the economies of most other countries.
• C) It sent bank profits soaring, given all the homes they were able to acquire through foreclosure.
• D) It froze credit, provoked the Great Recession, and helped shatter support for Bush.
• E) It had long been predicted by the Bush administration and helped it regain the public's trust.

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Definitions:

Foreseeable Misuse

The misuse of a product or service in a manner that could reasonably be predicted by the manufacturer or provider, potentially leading to harm or liability.

Limit Liability

means to legally restrict the amount of money a person or organization can be responsible for paying in the case of a lawsuit or debt.

Injuries

Physical or emotional harm caused to a person or damage to property.

Defective Product

A product that is unsafe, dangerous, or fails to meet normal standards of quality and performance, potentially causing harm to users.