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(1) Describe the path of housing values leading up to, and after, the financial crisis (4pts...

(1) Describe the path of housing values leading up to, and after, the financial crisis (4pts each, 8pts). In this context, you should talk about NINJA/subprime loans, adjustable mortgage rates, then in detail describe at least one real economic impact that was a result of the housing bubble (5 pts). (2) What is a recessionary GDP gap (5pts) and why might one arise (5pts)? What is a potential solution to eliminate this gap (2 pts)? (12 pts).

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