All of the following are examples of negative effects of imposing rent control except:
A. renters spend less time searching for apartments.
B. persons who get a place to live pay higher rent.
C. producer surplus decreases.
D. some people who would have rented apartments before rent control will not rent.
Answer: A
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If the market price rises above $6.30, the firm will earn:
a. positive economic profits in the short run. b. zero economic profits in the short run. c. negative economic profits and shut down. d. negative economic profits in the short run but remain in business.
If an economy produces 3 million oranges that sell for $0.25 each and 100,000 cars that sell for $25,000 each, then when the market value of total output is calculated:
A. oranges receive the same weight as cars. B. the market value of oranges is excluded. C. oranges receive a greater weight than cars. D. oranges receive a smaller weight than cars.
If a firm enlarges its factory size and realizes higher average costs of production then:
A. it has experienced economies of scale. B. it has experienced diseconomies of scale. C. it has experienced constant returns to scale. D. the long-run average cost curve slopes downward.
The World Trade Organization provides for all of the following EXCEPT
A) the usage of the most favored nation clause. B) assistance in the settlement of trade disagreements. C) bilateral tariff reductions. D) multilateral tariff reductions. E) the prevention of nontariff interventions in trade.