One result of rent control is the desire by landlords for tenants to leave, so tenants
A. have an incentive to report all infractions, no matter how minor, to the authorities.
B. have an incentive to offer more rent.
C. simply leave.
D. have an incentive to perform many repairs for themselves.
Answer: D
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Real GDP refers to nominal GDP adjusted for
a. depreciation. b. price changes. c. exports. d. taxes and saving.
The velocity of money ________ be affected by how frequently workers are paid, and ________ be affected by the development of new financial instruments, such as interest-bearing checking accounts.
A. cannot; can B. can; can C. can; cannot D. cannot; cannot
The Ricardian notion that of diminishing returns implies that
a. as more input is used more output will be made. b. as more input is used less output will be made. c. as more input is used the increase in output will increase. d. as more input is used the increase in output will decrease.
Assume a simple macroeconomic model. When inventories rise unexpectedly,
A. income is above its equilibrium value. B. income will rise until it reaches its equilibrium value. C. total spending is higher than total output. D. total output is less than spending.