Of the following groups, who gains from rent controls?
A) landlords
B) construction workers and their union leaders
C) poor people who have a hard time earning enough income to pay high rents
D) high-income people who live in rent-controlled apartments
Answer: D
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The Federal Reserve monetary policy goals of maximum employment means
A) aiming for an amount of employment that exceeds full employment. B) cyclical unemployment should not necessarily be minimized. C) keeping the unemployment rate close to the natural unemployment rate. D) a zero percent natural unemployment rate. E) a zero percent unemployment rate.
A rightward shift of a market supply curve might be caused by:
a. the entry of new firms in the industry. b. an increase in the wages of labor employed in the industry. c. an increase in the price of the final product. d. a decrease in the income of consumers. e. an increase in the supply of a substitute good.
Most economists believe that the CPI
a. accurately measures the inflation rate b. accurately measures the inflation rate except during years when there are major economic shocks like the Arab oil embargo c. slightly underestimates the inflation rate d. seriously underestimates the inflation rate e. overstates the inflation rate
The bank's statement of liabilities (what it owes) and assets (what it owns) is known as the
a. legal reserve requirement b. fractional reserve system c. federal funds rate d. money creation account e. balance sheet