Winston Churchill once said
a. "The inherent virtue of capitalism is the unequal sharing of blessings. The inherent virtue of socialism is the equal sharing of miseries.".
b. "The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of socialism is the equal sharing of miseries.".
c. "The inherent vice of capitalism is the unequal sharing of blessings. The inherent vice of socialism is the equal sharing of miseries.".
d. "The inherent virtue of capitalism is the unequal sharing of blessings. The inherent vice of socialism is the equal sharing of miseries.".
b
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Rent controls carry long-run unintended consequences, such as
A) a fairer price for people who can't afford market-determined rents. B) improved quality of apartment units. C) fewer apartment units as landlords seek substitute uses of their property. D) an increase in rental price competition among landlords.
Answer the following statements true (T) or false (F)
1. In the long run, under conditions of perfect competition, economic profits are eventually eliminated. 2. If the entry of new firms substantially raises demand for resources, two forces tend to eliminate economic profit in the long run: upward pressure on cost and downward pressure on price. 3. The more that firms advertise, the closer they get to perfect competition. 4. The lowest possible ATC curve is attained at the optimal scale of output. 5. If price equals marginal cost at the long-run equilibrium, this means that economic efficiency is being achieved.
A person who generally drives without a seat belt on does not reveal this to his automobile insurance company before he purchases insurance. This is an example of
A) adverse selection. B) moral hazard. C) signaling. D) screening.
In reading the national business news, you hear that mortgage rates increased by 50 basis points. If mortgage rates were initially at 6.5%, what are they after this increase?
A. 11.5% B. 7.0% C. 56.5% D. 6.55%