The diagram above illustrates the market for apartments in Victoria, British Columbia
a) If the current rent is $300 per month, is there a shortage or surplus in the apartment market and how much is the shortage or surplus? b) What is the equilibrium rent and quantity of apartments?
a) If the rent is $300 per month, there is a shortage of 30,000 apartments.
b) The equilibrium rent is $400 per month and the equilibrium quantity is 40,000 apartments.
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The slope of the isocost line:
A) changes as the combination of labor and capital is altered by the firm. B) is equal to the ratio of the marginal productivities at all points along the isocost line. C) is equal to the negative of the ratio of the prices of the outputs. D) is equal to the negative of the ratio of the prices of the inputs.
Theories and models are explanations of how things work that help us understand and predict how and why economic agents like consumers, producers, firms, government, etc. behave they way they do
a. True b. False Indicate whether the statement is true or false
What monetary policy is recommended by Milton Friedman and other monetarists? Why?
What will be an ideal response?
One of the potential social benefits of the Bitcoin is:
a. It can be used instead of a domestic currency in times of financial stress and exchange rate controls. b. It can free individuals from harmful monopoly currencies. c. It can be programmed to increase at a rate that guards against over-issuance. d. All of the above are true.