In the housing market, rent control causes
A. quantity supplied and quantity demanded to fall.
B. quantity supplied to fall and quantity demanded to rise.
C. quantity supplied to rise and quantity demanded to fall.
D. quantity supplied and quantity demanded to rise.
B. quantity supplied to fall and quantity demanded to rise.
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How wages are determined is best described by
A. political and social forces (such as unions) only. B. economic factors only. C. government regulation only. D. economic factors, with strong influences by political and social forces (such as unions).
The utility maximizing consumption bundle for an individual can be found by locating _____
a. the individual's bliss point b. any point on an indifference curve touching the budget constraint c. the highest point on an individual's indifference curve d. the point tangent to an individual's budget constraint
More risk-averse people will:
a. hold fewer risky assets because marginal utility is rapidly diminishing. b. hold fewer risky assets because marginal utility is greater. c. hold fewer risky assets because rates of return are more uncertain. d. hold fewer risky assets because marginal utility is negative.
The long-run Phillips curve suggests that changing the rate of unemployment in the economy has no impact on the inflation rate
a. True b. False Indicate whether the statement is true or false