After World War II, and Through the 1970s, What Was

question 9

Multiple Choice

After World War II, and through the 1970s, what was true of home ownership rates?

• A)Home ownership rates increased briefly and then remained steady at about 55%.
• B)Home ownership rates increased and then began to fall again in the late 1960s.
• C)Home ownership rates increased steadily, in part due to an increase in wages combined with low interest rates.
• D)Home ownership rates increased for about ten years and then fell to pre-WWII levels.

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Definitions:

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, allowing for competitive pricing and product differentiation.

Creative Destruction

A concept in economics that describes the process by which new innovations replace outdated technologies and ideas, driving economic progress.

Concentrated Industries

Industries where a small number of firms dominate the market share, potentially leading to reduced competition and higher prices for consumers.

Innovative Firms

Companies that pioneer new ideas, technologies, or methods, leading to novel products or services and contributing to economic growth and competitiveness.