The Foreclosure Crisis Has Been Particularly Devastating in Housing Markets

question 81

Multiple Choice

The foreclosure crisis has been particularly devastating in housing markets in much of the south and west United States, but even when analysis is restricted to relatively strong housing markets the numbers are staggering. For example, in 2017 an average of three residential properties were auctioned off each weekday in the city of Boston, up from an average of one per week in 2011. What is the probability that at least one foreclosure auction occurred in Boston on a randomly selected weekday of 2017?

• A) 0.0498
• B) 0.1494
• C) 0.8009
• D) 0.9502

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Definitions:

Ames Room

A distorted room that creates an optical illusion of objects growing or shrinking as they move across the room.

Bottom-up Processing

A cognitive approach in which perception starts with stimuli input from the environment and works upwards to form a higher-level analysis.

Perceptual Constancy

The ability of the perceptual system to recognize objects as having constant properties (size, shape, color) even when sensory input varies.

Retinal Images

The projections of visual stimuli on the retina, the light-sensitive layer at the back of the eye, which are then processed by the brain to create visual perception.