The Social Security tax structure in the United States is regressive in nature
a. True
b. False
Indicate whether the statement is true or false
False
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In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is
A) rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is. B) landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others. C) the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent. D) because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows.
Holding all other things constant, when the price level rises, interest rates:
a. rise and firms want to borrow more for new plants and equipment and households want to borrow less for homebuilding. b. rise and firms will want to borrow less for new plants and equipment and households will want to borrow less for homebuilding. c. fall and firms want to borrow more for new plants and equipment and households want to borrow more for homebuilding. d. all of the above
Information about preferences is ordinal if:
A. the information tells us something about the intensity of the consumer's preferences. B. the information allows us to make comparisons between the preferences of different consumers. C. the information allows us to determine only whether one alternative is better or worse than another. D. the information allows us to make comparisons between the preference of the same consumer at different points in time.
If the demand curve of a market is P = 14 - Q and the supply curve is P = 2 + 2Q, what is the surplus created if a price support of 12 is imposed in the market?
What will be an ideal response?