A decrease in the value of a currency is called a(n)
A) depreciation. B) integration. C) appreciation. D) consolation.
A
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Economics is the only social science and the only business discipline for which the Nobel Prize is awarded.
a. True b. False
In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is
A) rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is. B) landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others. C) the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent. D) because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows.
Average cost is higher with a monopolistically competitive firm than with a perfectly competitive firm.
Answer the following statement true (T) or false (F)
"To be useful, a model must be completely realistic." Evaluate
What will be an ideal response?