Relative to the First Quarter of 2000, Housing Prices _____

question 54

Multiple Choice

Relative to the first quarter of 2000, housing prices _____ in Ireland between 2000 and 2009.

• A)doubled
• B)tripled
• C)increased by 150 percent
• D)decreased by 100 percent

---

Definitions:

Goods

Tangible products or commodities that are manufactured or produced for sale or exchange.

Resources

A broad term that encompasses all the materials, assets, and inputs used by individuals or organizations to produce goods and services.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs, attempting to determine how these groups should organize and coordinate efforts to achieve maximum output.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.