The Foreclosure Crisis Has Been Particularly Devastating in Housing Markets

question 27

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 exactly 10 foreclosure auctions occurred during a randomly selected five-day week in 2011 in Boston?

• A) 0.0008
• B) 0.0486
• C) 0.1185
• D) 0.9514

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Definitions:

Mastered

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Biology

The scientific study of life and living organisms, focusing on their structure, function, growth, evolution, and distribution.

Evolution

A scientific theory describing the process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Pathological Fear

An excessive and irrational fear response to a specific situation, object, or activity, which can lead to avoidance behavior and impacts daily functioning.