If a landlord can get everyone out of the apartment building and refurbish it, they
A. can charge whatever rent they want and increase it whenever they want.
B. can only charge a refurbishing fee that is also controlled.
C. can charge whatever rent they want, but it then becomes controlled at a higher rent.
D. must still only charge the rent that they were charging before the repairs.
Answer: C
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Bobby is offered a job as a salesperson in which there is a 50 percent chance that he will make $2,000 and a 50 percent chance that he will make $10,000. Bobby's utility of wealth curve is shown in the figure above
What is Bobby's expected income from taking this job? A) $4,000 B) $6,000 C) $2,000 D) $10,000
If the managers of your firm have bounded rationality, then
A) the firm should fire them and hire more competent managers. B) a Nash equilibrium does not exist. C) they are limited in their ability to calculate and may not succeed in maximizing profits. D) it is not possible to maximize profits.
Which of the following correctly lists what is included in the consumption component of GDP?
a. household purchases of services and household purchases of nondurable goods but not any household purchases of durable goods b. household purchases of nondurable goods and durable goods other than residential construction but not household purchases of services c. household purchases of services, nondurable goods, and all durable goods d. household purchases of services, nondurable goods, and durable goods other than residential construction
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.