All renters benefit from rent control and all landlords lose
Indicate whether the statement is true or false
FALSE
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Which of the following would happen as the wage rate gradually adjusts following a shock?
a. Nothing will change b. A shift of the production possibilities frontier c. A shift in the short-run aggregate supply curve d. A shift in the aggregate demand curve e. A shift in the long-run aggregate supply curve
In calculating the unemployment rate, part-time workers are:
A. included in the labor force but not the unemployment rate. B. counted as unemployed because they are not working full time. C. counted as employed because they are receiving payment for work. D. excluded from the labor force because they are not actively seeking employment.
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economic question are they addressing by making this range of products?
A) How to produce goods that consumers want? B) Why produce a variety of automobiles? C) What to produce? D) Who to produce automobiles for?
If demand is highly inelastic and supply shifts to the left:
A. price will rise significantly; quantity hardly changes at all. B. price will hardly rise at all; quantity will decline significantly. C. neither price nor quantity will rise much. D. price probably will rise significantly, as will quantity.