The commodity substitution bias is that consumers substitute high-quality goods for low-quality goods
Indicate whether the statement is true or false
FALSE
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A rent ceiling is
A) fair, because it helps all renters. B) fair, because it insures that low-income families can rent apartments. C) fair, because it helps all landlords. D) unfair. E) fair, because it helps more renters than it harms.
Rent depends on what the potential users of the land are willing to pay for it.
Answer the following statement true (T) or false (F)
In the Classical system, the interest rate is determined by all of the following except
A) the thriftiness of the public. B) the money supply. C) the productivity of capital. D) investment.
Supply-side economics focuses on ________
A) the positive effect of tax cuts on aggregate supply B) the impact of an increase in the rate of inflation on aggregate supply C) the impact of changes in aggregate supply on market demand D) the trade-off between aggregate demand and aggregate supply