Which of the Following Was a Surprising Aspect of the Crisis

Multiple Choice

Which of the following was a surprising aspect of the crisis to economists?

A) Economists did not think financial crises could happen.
B) Rational expectations are no longer a valid working assumption.
C) The financial markets did not function efficiently and broke down.
D) The amplification effect of a housing market shock to a financial and macroeconomic crisis.
E) Economic agents overestimated housing prices.