One of the difficulties with an economic policy such as rent control is that
a. politicians do not consider its secondary effects
b. economists disagree about the impacts of the policy
c. it is difficult to enforce antidiscrimination laws in the rental housing market
d. it makes landlords wealthy at the expense of renters
e. pressure from landlords resulted in its repeal in many cities
A
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Which of the following will facilitate the enforcement of a cartel?
A) most-favored-customer clauses B) reports of bids on government contracts C) meet the competition or price match D) All of the above
The burden of a tax on a consumer good with very inelastic demand is usually
a. shifted to the producer. b. shared equally by the producer. c. zero since consumers do not decrease their purchases of the good. d. shifted to the final consumer.
If potential output for an economy equals $8 billion, and actual output equals $7 billion, then this economy has a(n):
A. recessionary gap. B. budget deficit. C. expansionary gap. D. trade deficit.
According to the law of diminishing marginal utility, the marginal utility curve is
A. vertical B. flat. C. upward sloping. D. downward sloping.