The economic functions of government include
A) determining prices.
B) setting wages in the public sector.
C) protecting property rights.
D) welfare.
Answer: C
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Which of the following situations will arise in the domestic market following the imposition of an import quota?
A) imports decrease, domestic production decreases, prices increase B) imports increase, domestic production decreases, prices decrease C) imports decrease, domestic production increases, prices increase D) imports decrease, domestic production increases, prices decrease
The existence of long term leases agreements in rental markets:
A. harms landlords and benefits tenants by preventing landlords from raising the rent each month. B. solves a commitment problem that is inherent in markets with imperfect information. C. creates an informational advantage for landlords. D. benefits landlords by keeping occupancy rates high and harms tenants by reducing their mobility.
Which of the following summarizes the Fisher Effect?
A. Nominal interest rates will rise with unexpected inflation. B. Nominal interest rates will rise with expected inflation. C. Real interest rates will rise with unexpected inflation. D. Real interest rates will rise with expected inflation.
A possible rational reason why older people, on average, show less interest in learning how to use new technologies is because
A) older people are not as smart as (today's) young people. B) they are acting irrationally. C) they have fewer years to gain a return from learning how to use new technologies. D) the financial cost for older people is greater than the cost to younger people.