Exhibit 5-14

question 17

Multiple Choice

Exhibit 5-14.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 2011 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 2005. Refer to Exhibit 5-14.What is the probability that at least one foreclosure auction occurred in Boston on a randomly selected weekday of 2011?

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

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Definitions:

Northern Democrats

A faction of the Democratic Party in the 19th century United States, especially before the Civil War, that was based in the northern states and opposed to the extension of slavery into new territories.

Republican Government

A governmental structure where authority is vested in officials elected by the citizens, and these officials govern based on legal statutes.

Urban Laborers

Workers who are employed in cities across various industries, often dealing with manual labor or specialized tasks in construction, manufacturing, and services.

Presidential Leadership

The skills, actions, and management style of a president in guiding the executive branch of government, national policy, and public opinion.