问题如下：
3. The Baldwin REIT is least likely to experience long-run negative effects from a/an:
选项：
A.economic recession.
B.unfavorable change in population demographics.
C.major reduction in government funding of health care.
解释：
A is correct.
Baldwin, a health care REIT, is largely resistant to economic recessions but is exposed to changes in population demographics and changes in government funding for health care.
考点：REITs产品的特点
解析：REITs的驱动因素主要取决于标的资产的特性，人们对于医疗的支出是比较平稳的，即使是在经济下行周期，相比于商业、工业类别的资产，对于医疗的投资并不会减少，因此表现出比较抗经济周期的特性。但是人口结构的变动一级政府补助的变化会直接影响医疗行业。
此题是否意味着这页PPT的表述有误，这页PPT很重要，需要搞清楚
