f the long-term supply curve for rental units becomes more elastic, what will be one of the results of rent controls over the long run?
a. The availability of rentals will remain unchanged.
b. Efficiency in the rental property market will increase.
c. The number or rentals available will increase.
d. Deadweight loss will increase significantly.
d. Deadweight loss will increase significantly.
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A black market is
a. a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices. b. a market where goods and services can be obtained at lower prices. c. a government-mandated market where controls are placed on prices. d. a market where exchanges are made using bartering.
The economic problem is concerned with:
(a) Scarcity. (b) Disequilibrium. (c) Too much government intervention. (d) All of the above.
Suppose nominal GDP equaled $10,988 billion while the M2 money supply was $6,063 billion. What was the velocity of the M2 money stock?
A. 0.45 B. 0.55 C. 1.81 D. 2.36
Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef. B) leave demand for chicken, pork, and beef unchanged. C) increase demand for chicken, pork, and beef. D) increase quantity demanded of beef.