Which of the following is one of the functions of rental prices?
A) to redistribute income from landlords to renters
B) to redistribute income from renters to landlords
C) to signal to the local government when taxes on rental units should be increased
D) to ration the use of existing housing for current consumers
Answer: D
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What will be an ideal response?
When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, resulting in
a. excess demand or shortages. b. excess supply or surpluses. c. equilibrium prices. d. price controls.
Suppose that Sam likes pears twice as much as apples, meaning that he is always indifferent between consuming one pear or two apples. Sam's indifference curves for pears and apples are
a. right angles. b. bowed inward. c. bowed outward. d. downward-sloping straight lines.
John, a U.S. citizen, opens up a Sports bar in Tokyo. This is an example of U.S
a. exports. b. imports. c. foreign portfolio investment. d. foreign direct investment.