Given the information above, the demand is
a. unitary.
b. indeterminate.
c. elastic.
d. inelastic.
c
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A rent ceiling on housing creates a problem of allocating the available housing units because
A) the demand for housing decreases and the demand curve shifts leftward. B) the supply of housing increases and the supply curve shifts rightward. C) a shortage of apartments occurs. D) a surplus of apartments occurs. E) it eliminates search, which is one of the major ways housing units are allocated.
Real GDP does not show the state of economic welfare in a country in part because GDP omits
I. household production. II. leisure time available. III. the quality of the environment. A) I only B) I and III C) II and III D) I, II and III
Rent is defined as the
a. payment received for the use of an asset b. cost to an entrepreneur for using his or her own resources c. difference between what a resource receives and the cost of bringing that resource into production d. difference between the total revenue earned from selling a good and the cost of bringing the good into being e. selling value of land
An expansionary monetary policy: a. decreases inflation in the long run
b. increases unemployment in the long run. c. increases potential GDP in the long run. d. increases inflation in the long run.