Suppose there are two cities that have rent controlled apartments. In one city (Albany) all apartments are subject to rent control; in the other city (Halftrack) one-half of the apartments are rent controlled
Which of the following is most likely to be true?
A) It will be impossible to rent an apartment in either city at any price.
B) It will be difficult to find a rent-controlled apartment in Albany or Halftrack; rents for the Halftrack apartments not subject to controls will be higher than they would be without rent control.
C) It will be easier to find an affordable apartment in Albany since rents will be low across the board.
D) It will be easier to find an affordable apartment in Halftrack, either a rent-controlled apartment or another apartment, at a reasonable price.
B
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Use the following table to answer the next question. GDP figures are in billions of dollars. YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $4,820 billion B. $4,875 billion C. $5,320 billion D. $4,911 billion
Hyperinflation refers to an inflation rate which exceeds 5 percent per month
Indicate whether the statement is true or false
A corporation’s income is taxed
A. on a quarterly basis. B. when the returns are distributed to its owners. C. at very low rates to compensate for its unlimited liability. D. at the corporate level and at the level of its stockholders.
When interest rates fall in a given economy, it causes firms to borrow __________ funds used for purchasing capital goods. The result will be a(n) ___________ in the level of capital employed in the economy. In terms of the production function (graphed with labor on the horizontal axis and Real GDP on the vertical axis), this then causes ____________________ which makes the LRAS curve shift
____________ resulting in ______________________. A) more; increase; the production function to shift upward; rightward; economic growth B) less; decrease; the production function to shift downward; leftward; a shrinking economy C) more; increase; a movement up along a given production function; rightward; economic growth D) more; increase; a movement down along a given production function; leftward; a shrinking economy