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lara31 [8.8K]
3 years ago
6

What would be the effect on the equilibrium price and equilibrium quantity of new housing if mortgage interest rates rise and th

e costs of building a house rise simultaneously?
a. The equilibrium price will fall, but the equilibrium quantity cannot be predicted.
b. The equilibrium price and the equilibrium quantity will fall.
c. The equilibrium price will rise and the equilibrium quantity will fall.
d. The equilibrium price cannot be predicted, but the equilibrium quantity will fall.
Social Studies
1 answer:
Afina-wow [57]3 years ago
3 0

Answer:

The correct answer is c. The equilibrium price will rise and the equilibrium quantity will fall.

Explanation:

The law of demand and supply states that, whenever the price of a good increases, the quantity demanded of that good decreases and whenever the price decreases, the quantity demanded increases.

In this example, the cost of building a house rises, so does the price of the house. This change will affect the demand curve, and less houses will be demanded. In addition, the cost of buying a house has increased due to increased mortgage interest rates. Both effects push prices up and quantity demanded down.

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Explanation:

6 Benefits of NAFTA

1. Quadrupled Trade.

2. Lowered Prices.

3. Increased Economic Growth.

4. Created Jobs.

5. Increased Foreign Direct Investment.

6. Reduced Government Spending.

USMCA.

Quadrupled Trade

Between 1993 and 2019, trade between the three members quadrupled from $290 billion to $1.23 trillion.5 6 That boosted economic growth, profits, and jobs for all three countries.7 It also lowered prices for consumers.

. Lowered Prices

Lower tariffs also reduced import prices. That lessened the risk of inflation and allowed the Federal Reserve to keep interest rates low.

Increased Economic Growth

NAFTA boosted U.S. economic growth by as much as 0.5% a year.18 The sectors that benefited the most were agriculture, automobiles, and services.

Created Jobs

Some sources say that NAFTA exports created 5 million net new U.S. jobs.27 Most of those jobs went to 17 states, but all states saw some increases. U.S. manufacturers added more than 800,000 jobs between 1993 and 1997. Manufacturers exported $487 billion in 2014. It generated $40,000 in export revenue for each factory worker.

Increased Foreign Direct Investment

Since NAFTA was enacted, U.S. foreign direct investment (FDI) in Canada and Mexico has more than tripled to $500.9 billion. In 2017, U.S. investors poured $391.2 billion into Canada and $109.7 billion into Mexico.2524 That boosted profits for U.S. businesses by giving them more opportunities to develop and markets to explore.

Reduced Government Spending

NAFTA allowed firms in member countries to bid on all government contracts.29 That created a level-playing field for all companies within the agreement's borders. It cut government budget deficits by allowing more competition and lower-cost bids.

USMCA

Despite these advantages, the United States, Mexico, and Canada renegotiated NAFTA on Nov. 30, 2018.30 The new deal is called the United States-Mexico-Canada Agreement. (USMCA) Mexico ratified the agreement in 2019. The agreement was signed by Donald Trump on Jan. 29, 2020. Canada's Parliament ratified it on Mar. 13, 2020.

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