Economists generally recognize that rent controls cause shortages in housing, yet rent controls tend to persist. Why does this occur?
a. Many people do not understand the effects that controls cause.
b. Property owners are politically unpopular.
c. Many persons tend to benefit from rent controls.
d. All of the above are correct.
d
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From the perspective of consumers, a quota is preferred to a tariff
Indicate whether the statement is true or false
Gregory is considering attending a concert with a ticket price of $40. He estimates that the cost of driving to the concert and parking there will add an additional $20
In order to attend the concert, Gregory will have to take time off from his part-time job. He estimates that he will lose 5 hours at work, at a wage of $8 per hour. Gregory's opportunity cost of attending the concert equals A) $80. B) $100. C) $40. D) $60. E) $20.
Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor, to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
"Material" wealth cannot be distinguished in any useful way from wealth (with no modifying adjective) because
A) all wealth consists finally of valued experiences. B) material objects are not essential to the creation of wealth. C) wealth includes anything a person can purchase with money, whether material or not. D) wealth usually fluctuates in value while matter cannot be created or destroyed.