A common criticism of central banks in developing nations led by despotic dictatorships is that they lack
A. independence of political influence.
B. corruption.
C. an understanding of economics.
D. control by political parties.
Answer: A
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If you take national income and add transfer payments, then subtract income earned but not received, the result will be
A. disposable personal income. B. wages. C. personal income. D. net national product.
The figure above shows the housing market in the city of Appleville. A rent ceiling of $650 per month is imposed. With the rent ceiling, what is the maximum black market rent in Appleville?
A) $650 per month B) $700 per month C) $750 per month D) $800 per month
Why is the market supply curve of labor positively sloped though individual supply curves are backward-bending beyond a certain wage rate?
a. People tend to work less when wage rate increases. b. Every individual laborer has equal trade offs between labor and leisure. c. People tend to substitute labor for leisure. d. People work more for the fear of losing their jobs and becoming unemployed. e. All the individual supply curves do not bend backward at one particular wage rate.
When there are gains from trade, the trading nations would be worse off if no trade took place
Indicate whether the statement is true or false