According to Fed Gov. Waller, compared with 10 years ago, the response rate (i.e., the percentage of firms that respond) from establishments (businesses) to the BLS employment survey is ___ in the first month but ___ by the end of three months.

If the Fed sets the Fed funds rate at zero and inflation expectations decrease significantly (e.g., to negative 4%), the expected real rate of interest will be ___.

Howard Marks argues that future stock market returns are normally ___ for large-cap stocks if investors buy when the market’s P/E is 23.

According to “Americans are Getting Priced Out,” renting is cheaper than buying in ___ of the 50 largest metro areas (select the percentage that is closest to the actual number).

Second quarter (2025) earnings for the S&P 500 were ___ than Q2 (2024) earnings for the S&P 500.

The 2020 recession (Covid) resulted in the unemployment rate for ___ moving higher than the unemployment rate for ___.

Imagine that Japanese government bond yields moved significantly higher. This would be ___ for US bond prices.

In a low interest-rate environment, we tend to see profitable private companies ___.

If the US economy has a shortage of workers due to the retirement of the baby boomers, we would consider this to be a ___ issue.

The ICA demonstrates?