By which process the holder of a mortgage seizes the property of a homeowner who has not made interest and or principal payments on time as stipulated in the mortgage contract ?
Correct answer: A. Foreclosure
- A. Foreclosure
- B. Default
- C. Bankrupt
- D. None of these
Explanation
Foreclosure is the legal process through which a mortgage lender seizes and typically sells property after the borrower fails to make required payments. Default is the borrower’s failure to pay, not the lender’s legal remedy.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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