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(b) We need a noun here to be modified by the adjective SIGNIFICANT. The sentence talks about how a fall in house prices would have a major effect on consumption if households used a significant portion of debt to purchase a home. IMPACT, EFFECT and INFLUENCE will fit here. Thus, (b) is the right answer. IMPACTFUL is an adjective. AFFECT and INFLUENCED are verbs. The highlighted word IMPACTED is also a verb.
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