In the short run, rent control causes the quantity supplied
a. and quantity demanded to fall.
b. to fall and quantity demanded to rise.
c. to rise and quantity demanded to fall.
d. and quantity demanded to rise.
b
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Total income is defined as
A) the total amount earned by all resource owners. B) the sum of the total receipts of firms and the amount earned by households. C) the sum of the total receipts of firms less the amount of tax that must be paid. D) the total receipts of firms before taxes.
The tax multiplier equals the change in ________ divided by the change in ________
A) consumption spending; taxes B) taxes; consumption spending C) taxes; equilibrium real GDP D) equilibrium real GDP; taxes
Which of the following would NOT provide an incentive to reduce the amount of beef consumed?
A) an increase in the price of beef B) a subsidy to buyers of beef C) a decrease in the price of chicken D) a ban on beef sales by the Food and Drug Administration
The Granger Causality Test
A) uses the F-statistic to test the hypothesis that certain regressors have no predictive content for the dependent variable beyond that contained in the other regressors. B) establishes the direction of causality (as used in common parlance) between X and Y in addition to correlation. C) is a rather complicated test for statistical independence. D) is a special case of the Augmented Dickey-Fuller test.