In the case of rent control, a maximum price will cause ________ and ________ the total surplus of the market.
A. excess demand; reduce
B. excess demand; increase
C. excess supply; reduce
D. excess supply; increase
Answer: A
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Labor market discrimination refers to
a. differing economic opportunities offered to persons according to their productivity. b. wage differentials based on productivity differences. c. differing economic opportunities based on personal characteristics. d. wage differentials based on seniority and human capital.
Positive relationships are also referred to as inverse relationships.
Answer the following statement true (T) or false (F)
According to the Monetarist view, the impact of expansionary monetary policy will be:
a. the same in the long run as in the short run. b. the same regardless of whether the effects of the policy are anticipated or unanticipated. c. a higher price level (inflation). d. a decrease in short-run prices and an increase in long-run prices.
A provision that permits raising tariffs if domestic producers are suffering under an existing tariff is known as
a. a trading bloc. b. exchange control. c. anti dumping. d. an escape clause.