Rent control has become less common because it
a. caused housing shortages
b. caused housing surpluses
c. encouraged the black market
d. led to rationing
Ans: a. caused housing shortages
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Price elasticity of demand is defined as the ratio of the:
a. percentage increase in price to an increase in quantity demanded. b. unit change in quantity demanded to the dollar change in price. c. maximum amount that consumers will pay to increase quantity. d. percentage change in quantity demanded to the percentage change in price, other things being equal.
Domestic _________ will always appear as part of the supply of financial capital.
a. receipts b. spending c. savings d. production
John Maynard Keynes attacked the classical economic theory in his book The General Theory of Employment, Interest and Money, published in 1936. Summarize Keynes’ criticisms and explain why the timing of the book is so significant.
What will be an ideal response?
Based on the theory of comparative advantage, nations maximize their well being when they
A) create more jobs. B) allocate resources more efficiently. C) increase trade surpluses. D) increase exports.