Black-market prices are below equilibrium prices because sellers want to sell large quantities.
Answer the following statement true (T) or false (F)
False
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The textbook suggests that rent controls
A) actually contribute to the housing boom in an area where they are applied. B) actually contribute to the housing shortage in the area where they are applied. C) are used in a government kickback scheme. D) have no effect on the local housing market.
Voters may choose to remain uninformed about an issue because of:
a. the special-interest effect. b. rational ignorance. c. bureaucratic inefficiency. d. the shortsightedness effect.
If a person uses money to buy a pair of shoes, money is functioning as
A) a unit of account. B) a store of value. C) a medium of exchange. D) none of the above
While economic regulation applies to ________ industries, social regulation applies to ________ firms
A) particular; individual B) particular; all C) all; individual D) utility; healthcare