The rationale for rent control is that it protects moderate- to low-income families from the burden of rapidly rising rents and from eviction if they are unable to pay. It also prevents landlords from reaping windfalls as property values rise. Opponents note that rent controls usually lead to a reduced supply of rental housing and shortages. The proponents of rent controls support them primarily on the grounds of
A. efficiency.
B. equality.
C. externalities.
D. cost disease of services.
Answer: B
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The national debt refers to the total amount that the government:
a. has borrowed over time. b. borrowed last year. c. plans to spend this fiscal year. d. has spent over time.
The quantity demanded of Coca Cola has increased. The best explanation for this is that
A. the price of Pepsi has decreased. B. Coca Cola has instituted a new, successful advertising campaign. C. Coca Cola consumers had an increase in income. D. the price of Coca Cola has decreased.
Is there any similarity between a perfectly competitive firm and a monopolistically competitive firm in the long run? Explain your answer
What will be an ideal response?
Which of the following sequences best describes the five necessary steps to develop an economic model in the correct order?
A) (1): Identify the endogenous variables; (2): identify the exogenous variables; (3): develop a model; (4): compare the model with the data; (5): conduct prediction and policy analysis. B) (1): Develop a model; (2): identify the exogenous variables; (3): identify the endogenous variables; (4): compare the model with the data; (5): conduct prediction and policy analysis. C) (1): Conduct prediction and policy analysis; (2): develop a model; (3): identify the endogenous variables; (4): identify the exogenous variables; (5): compare the model with the data. D) (1): Conduct prediction and policy analysis; (2): compare the model with the data; (3):identify the endogenous variables; (4): identify the exogenous variables; (5): develop a model. E) none of the above