The organization of petroleum exporting countries (OPEC) is an example of a(n)
A) oil monopoly
B) cartel
C) competitive arrangement
D) prisoner's dilemma
B) cartel
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A rent ceiling below the equilibrium rent will create
A) a more efficient allocation of housing. B) a larger number of apartments rented. C) no change in the number of apartments rented. D) increased search time and black markets.
Which of the following is a result of a rent ceiling set below the equilibrium rent? I. equity in the housing market II. efficient allocation of resources III. a shortage of housing units
A) I and II B) I and III C) II only D) III only
You hold a $1,000 bond that has an interest rate of 5 percent. If comparable interest rates rise to 10 percent, and you decide to sell this bond, the price you receive will be
A. $1,000. B. $500. C. $2,000. D. You will not be able to sell the bond since it only pays 5 percent.
Normally, both buyers and sellers of a good become worse off when the good is taxed
a. True b. False Indicate whether the statement is true or false