Which statement is true?
A. Most economists support rent control laws.
B. Usury laws and rent control are price ceilings.
C. Usury laws have never had any effect because they are set well above interest rates.
D. None of these choices are true.
B. Usury laws and rent control are price ceilings.
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Answer the following statement(s) true (T) or false (F)
1. When a Clarke tax is used, the revenue collected may or may not cover the cost of providing the public good. 2. One problem with a Clarke tax is that although it may not cover the complete cost of a public good, it will never generate more than the cost of the good. 3. Social costs are equal to the costs imposed on others. 4. Social costs are felt by consumers but not by manufacturers. 5. All cars contribute positively to social gains.
The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, a 2 percent cut in all the workers' income tax will cause the firm to
A) demand less labor. B) demand more labor. C) raise the wage paid to the worker. D) None of above.
Historical note: Andrew Carnegie became an industrial mogul by consuming or buying out his competition in the _________ industry
a. oil b. steel c. rubber d. lumber e. land
Public policy
a. can reduce both frictional unemployment and the natural rate of unemployment. b. can reduce frictional unemployment, but it cannot reduce the natural rate of unemployment. c. cannot reduce frictional unemployment, but it can reduce the natural rate of unemployment. d. cannot reduce either frictional unemployment or the natural rate of unemployment.