Recall the Application about property rights, urban slums, and the role of government in a market economy to answer the following question(s).According to the Application, what advantages occur as a result of granting ownership of a dwelling to its occupant?
A. increased investment in housing repairs
B. potential increase in the market value of the property
C. increased incentives for property maintenance
D. All of these
Answer: D
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Everything else held constant, in the market for reserves, when the federal funds rate is 3%, lowering the interest rate paid on excess reserves rate from 2% to 1%
A) lowers the federal funds rate. B) raises the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect on the federal funds rate.
Discuss some of the arguments that help explain why wages and prices rarely fall in a modern economy
Christine is an artist who creates custom cookie jars. Her annual revenue from selling the cookie jars is $90,000 . The annual explicit costs of the materials used to make the cookie jars are $54,000 . Christine used $5,000 from her personal savings account to buy pottery tools for her business. The savings account paid 1% annual interest. Christine could earn $6,000 per year as a tax preparer
What is the annual accounting profit of her cookie jar business? a. $36,000 b. $35,950 c. $30,000 d. $29,950
When the demand curve is linear, price elasticity of demand:
a. remains constant along the curve. b. is negative in the lower half of the curve. c. decreases as one moves down along the curve. d. is less than one in the upper half of the demand curve.