Suppose the equilibrium rent in Denver is $1,050. A rent ceiling of $755 per month leads to
A) a surplus of apartments in Denver.
B) a shortage of apartments in Denver.
C) no change in the Denver apartment market.
D) fair prices in the Denver market.
E) compared to the situation at the equilibrium rent, a decrease in the quantity of apartments demanded and an increase in the quantity of apartments supplied.
B
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Approximately how much of aggregate national income in the United States is spent on health care today?
A) 2 percent B) 7 percent C) 17 percent D) 34 percent
According to the simple quantity theory of money, an increase in the money supply will shift the __________ curve to the right and raise __________
A) AD; Real GDP B) AS; the price level C) AD; the price level D) AS; Real GDP E) none of the above
M1:
A. is the sum of currency plus traveler's checks. B. is the narrowest definition of the money supply. C. includes small time deposits. D. includes credit cards.
Which of the following statements about the comparison between GDP in China and in the United States is CORRECT?
A) Using the exchange rate to value China's GDP in dollars shows that China's GDP per person exceeds the GDP per person in the United States. B) Using purchasing power parity prices to value China's GDP in dollars shows that China's GDP per person exceeds the GDP per person in the United States. C) China's GDP per person is higher using purchasing power parity prices rather than the exchange rate when valuing China's GDP in dollars. D) None of the above answers are correct because they are all false statements.