In cities with rent controls, the actual rents paid can be ________ than the legal maximum. One explanation for this is because there is a ________ of apartments, tenants are ________
A) lower; shortage; rarely willing to pay rents lower than the law allows
B) lower; surplus; never willing to pay rents below the legal maximum
C) higher; shortage; often willing to pay rents higher than the law allows
D) higher; surplus; often forced to pay rents higher than the law allows
C
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According to Keynes, planned consumption
A) decreases as disposable income increases. B) is positively related to real disposable income. C) is unstable and fluctuates widely with changes in disposable income. D) is indirectly related to the interest rate.
Q: How many economists does it take to change a light bulb?
A: All. Because then you will generate employment, more consumption, moving the aggregate demand curve to the right. This joke represents the view of A) classical economists. B) economists who contend that money illusion never occurs. C) Keynesian economists. D) economists who conclude that wages and prices are very flexible.
If a mutual fund outperforms the market in one period, evidence suggests that this fund is
A) highly likely to consistently outperform the market in subsequent periods due to its superior investment strategy. B) likely to under-perform the market in subsequent periods to average its overall returns. C) not likely to consistently outperform the market in subsequent periods. D) not likely to outperform the market in any subsequent period.
Fine-dining restaurants commonly provide statements in their menus such as, "A 20% gratuity will be added to all checks for parties of six or more patrons"
Given that this statement tends to raise the level of tips or gratuities left by other groups of diners, the statement is a good example of: A) the endowment effect. B) loss aversion. C) anchoring. D) none of the above