A rent ceiling set above the equilibrium rent efficiently allocates resources in the housing market
Indicate whether the statement is true or false
FALSE
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The above table gives the government outlays and tax revenues from 2008 through 2012 for two countries. In 2010 country A had a ________ and country B had a ________
A) budget deficit; budget deficit B) budget deficit; budget surplus C) balanced budget; budget deficit D) budget surplus; budget surplus E) budget surplus; budget deficit
Externalities could be eliminated from society if it were not for the existence of
A) conflicting interests. B) government. C) private property. D) selfishness E) transaction costs.
A good is nonexcludable if:
A. there is no way to prevent a person from consuming or using it. B. more than one person can consume it at the same time without affecting its value to others. C. consumption of it involves perfect rivalry. D. consumption is completely excludable.
If the demand for good A is more elastic than the demand for good B, a small increase in supply in both markets will cause
a. a much greater decrease in price for good A than for good B b. a much greater decrease in price for good B than for good A c. the price will decrease by the same amount in both markets d. only the price of good B will decrease e. only the price of good A will decrease