Rent control is a form of price _____ and is responsible for housing _____.
A. floor; shortages
B. floor; surpluses
C. ceiling; shortages
D. ceiling; surpluses
C. ceiling; shortages
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According to the Taylor rule, what should the federal funds rate target be if inflation is 5%, the target rate of inflation is 2%, the equilibrium real federal funds rate is 2%,
full-employment real GDP is $9 trillion, and current real GDP is $8.55 trillion?
Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be
a. +1. b. ?1. c. 0. d. infinite.
An effluent fee
A. is a reward to companies using production methods that create positive externalities. B. is intended to influence the market by increasing supply and decreasing price. C. is also called a pollution subsidy. D. gives a firm the right to pollute if it pays a tax on what it discharges.
Nominal GDP is GDP in a given year
A) valued in the prices of that year. B) valued in the prices of the base year. C) adjusted for inflation. D) adjusted for anticipated inflation.