QUES: Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that substantial deterioration in CMBS [commercial mortgage-backed securities] loan underwriting occurred prior to the crisis." Other analysts support the contention that the crisis in commercial real estate and related lending took place after the crisis in residential real estate. Business journalist Kimberly Amadeo reports: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects. Denice A. Gierach, a real estate attorney and CPA, wrote:
What are CMBS?

ANS: commercial mortgage-backed securities

QUES: In the Mexico City airport, the government engaged in an extensive restructuring program that includes the addition of a new second terminal, which began operations in 2007, and the enlargement of four other airports (at the nearby cities of Toluca, Querétaro, Puebla and Cuernavaca) that, along with Mexico City's airport, comprise the Grupo Aeroportuario del Valle de México, distributing traffic to different regions in Mexico. The city of Pachuca will also provide additional expansion to central Mexico's airport network. Mexico City's airport is the main hub for 11 of the 21 national airline companies.
When did the second terminal open at the Mexico City Airport?

ANS: 2007

QUES: Yale is noted for its largely Collegiate Gothic campus as well as for several iconic modern buildings commonly discussed in architectural history survey courses: Louis Kahn's Yale Art Gallery and Center for British Art, Eero Saarinen's Ingalls Rink and Ezra Stiles and Morse Colleges, and Paul Rudolph's Art & Architecture Building. Yale also owns and has restored many noteworthy 19th-century mansions along Hillhouse Avenue, which was considered the most beautiful street in America by Charles Dickens when he visited the United States in the 1840s. In 2011, Travel+Leisure listed the Yale campus as one of the most beautiful in the United States.
When did Travel + Leisure list Yale as one of the most beautiful campuses?

ANS: 2011

QUES: The budget of the city for 2013 was €7.6 billion, of which 5.4 billion went for city administration, while €2.2 billion went for investment. The largest part of the budget (38 percent) went for public housing and urbanism projects; 15 percent for roads and transport; 8 percent for schools (which are mostly financed by the state budget); 5 percent for parks and gardens; and 4 percent for culture. The main source of income for the city is direct taxes (35 percent), supplemented by a 13-percent real estate tax; 19 percent of the budget comes in a transfer from the national government.
How much of the budget was allocated for city administration?

ANS:
5.4 billion