Q1. During the housing crisis that precipitated the Great Recession many people
ID: 1186278 • Letter: Q
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Q1. During the housing crisis that precipitated the Great Recession many people lost their homes in foreclosures and others were unable to buy homes because of weak credit ratings or lost jobs. Since the end of the Great Recession in 2009 the number of new households established has increased and the economy has been expanding. Consider the effect of these events on the market for rental apartments in apartment buildings since the end of the recession. [20]
1. How is the product defined? [3]
2. How is the price of the product measured? [3]
3. Which rental apartments demand and/or supply determinant(s) is/are affected? [4
4. What would be the direction of the change in the demand and supply of rental apartments? [4]
Q2. According to the 23 Jan 2013 Wall Street Journal, Americans are sending one third less mail than they did 10 years ago. What is the explanation in terms of the theory of demand, supply, price and output determination? [4]
Q3. The 30 Dec 2012 Wall Street Journal reported the following events affected the market for lumber in 2012. Some lumber mills had been taken out of production. Pine lumber in the U.S. continued to be destroyed by infestations of the mountain pine beetle. China
Explanation / Answer
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