QUES: For a variety of reasons, market participants did not accurately measure the risk inherent with financial innovation such as MBS and CDOs or understand its impact on the overall stability of the financial system. For example, the pricing model for CDOs clearly did not reflect the level of risk they introduced into the system. Banks estimated that $450bn of CDO were sold between "late 2005 to the middle of 2007"; among the $102bn of those that had been liquidated, JPMorgan estimated that the average recovery rate for "high quality" CDOs was approximately 32 cents on the dollar, while the recovery rate for mezzanine CDO was approximately five cents for every dollar.

What did market participants fail to measure accurately?
What is the answer?
ANS: risk inherent with financial innovation
QUES: The city's National Basketball Association teams are the Brooklyn Nets and the New York Knicks, while the New York Liberty is the city's Women's National Basketball Association. The first national college-level basketball championship, the National Invitation Tournament, was held in New York in 1938 and remains in the city. The city is well known for its links to basketball, which is played in nearly every park in the city by local youth, many of whom have gone on to play for major college programs and in the NBA.

In what year was the inaugural National Invitation Tournament?
What is the answer?
ANS: 1938
QUES: The Xbox Live Marketplace is a virtual market designed for the console that allows Xbox Live users to download purchased or promotional content. The service offers movie and game trailers, game demos, Xbox Live Arcade games and Xbox 360 Dashboard themes as well as add-on game content (items, costumes, levels etc.). These features are available to both Free and Gold members on Xbox Live. A hard drive or memory unit is required to store products purchased from Xbox Live Marketplace. In order to download priced content, users are required to purchase Microsoft Points for use as scrip; though some products (such as trailers and demos) are free to download. Microsoft Points can be obtained through prepaid cards in 1,600 and 4,000-point denominations. Microsoft Points can also be purchased through Xbox Live with a credit card in 500, 1,000, 2,000 and 5,000-point denominations. Users are able to view items available to download on the service through a PC via the Xbox Live Marketplace website. An estimated seventy percent of Xbox Live users have downloaded items from the Marketplace.

What virtual currency is used to make Marketplace purchases?
What is the answer?
ANS:
Microsoft Points