Here's a taste of economic history: in the United States, rent controls were implemented in 450 designated areas during World War II because
a. residential construction had been curtailed due to the war effort
b. houses were regarded as being essential to the war effort
c. there was an excess supply of housing
d. quantity demanded of housing decreased as soldiers went to war
e. the price of housing became depressed due to falling demand for houses
A
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Once the United States Civil War broke out, the United States moved to a
A) gold standard. B) silver standard. C) bimetallic monetary standard consisting of silver and gold. D) bimetallic monetary standard consisting of copper and gold. E) paper currency, called the "greenback."
In the long-run ISLM model and with everything else held constant, the long-run effect of a contractionary fiscal policy is to ________ real output and ________ the interest rate
A) not change; not change B) decrease; decrease C) decrease; not change D) not change; decrease
The characteristic of limited liability enables corporations to
A) avoid taxes on some of their profits. B) exist even when owners die. C) raise large amounts of financial capital. D) start up and dissolve easily.
If a firm wished to maximize total revenues, it should produce where:
a. marginal cost is zero. b. marginal revenue is zero. c. marginal revenue is equal to marginal cost. d. marginal revenue is equal to price.