The Foreclosure Crisis Has Been Particularly Devastating in Housing Markets

question 63

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 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.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:

Color-Deficient

A condition where an individual has a reduced ability to see color or differences in color.

Functioning Cones

Photoreceptor cells in the retina of the eye responsible for color vision and function best in relatively bright light.

Black and White

Often used to describe situations that are viewed in terms of two clear, opposing positions or choices, with no gray areas in between.

Dim Light

A lighting condition characterized by a low level of illumination, often creating a subdued or intimate atmosphere.