The Foreclosure Crisis Has Been Particularly Devastating in Housing Markets

question 60

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 no more than two foreclosure auctions occurred on a randomly selected weekday of 2011 in Boston?

• A) 0.1991
• B) 0.2240
• C) 0.4232
• D) 0.5768

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Definitions:

European Interference

Actions by European countries or entities to influence the affairs, politics, or policies of other nations, often viewed negatively by the affected countries.

American Trade

Commercial exchange of goods, services, and commodities within the United States and between the U.S. and other countries.

Hartford Convention

A series of meetings from December 1814 to January 1815 in Hartford, Connecticut, where New England Federalists met to discuss their grievances concerning the ongoing War of 1812 and political problems arising from the federal government's increasing power.

Federalist Party

A first American political party in the late 18th and early 19th centuries that favored a strong central government, commercial economy, and close ties with Great Britain.