The objective of rent controls is to
A. encourage the construction of new rental units.
B. ensure an adequate supply of rental housing for the poor.
C. keep rents below levels that would be observed in a freely competitive market.
D. raise revenue for the local government.
Answer: C
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If MC's Hammers, a perfectly competitive firm, finds that its total revenue is $45,000 . its fixed cost is $20,000 . and its total cost is $50,000 . its producer surplus is
a. zero because TC > TR b. -$5,000 c. $25,000 d. $15,000 e. -$25,000
When the economy is operating at the equilibrium level of? GDP, we know that
A) total planned real consumption expenditures equal real GDP.
B) planned real investment spending equals real net exports of zero.
C) total planned real expenditures equal real GDP.
D) real net exports equal inventory changes.
Use the following general linear demand relation:Qd = 680 - 9P + 0.006M - 4PRwhere M is income and PR is the price of a related good, R. If M = $15,000 and PR = $20 and the supply function is Qs = 30 + 3P , then, when the price of the good is $60,
A. there is equilibrium in the market. B. there is a shortage of 60 units of the good. C. there is a surplus of 60 units of the good. D. the quantities demanded and supplied are indeterminate.
Which of the following would most likely induce the Federal Reserve to conduct expansionary monetary policy? A significant decrease in
A) oil prices. B) business taxes. C) income tax rates. D) investment spending.