Which is most likely to be observed in a community where price ceilings are imposed on residential rents?
A. Those whose needs for housing are most urgent will be able to obtain the space they want.
B. Poor people will be able to find adequate housing.
C. Homeowners will reduce their own use of housing space, making more available to others.
D. People moving into the community will have difficulty locating residential space to rent.
Answer: D
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Which of the following statements best describes the political control of the Federal Reserve?
a. Policy decisions of the Fed do not require congressional approval, and the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. b. Policy decisions of the Fed require congressional approval, but the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. c. Policy decisions of the Fed do not require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. d. Policy decisions of the Fed require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.
An elastic demand is one in which the elasticity is greater than:
a. two. b. four. c. one. d. three.
Suppose you withdraw $1,000 from your checking account. If the reserve requirement is 20 percent, how does this transaction affect the supply of money and the excess reserves of your bank?
a. There is no change in the supply of money; your bank's excess reserves are reduced by $800. b. There is no change in the supply of money; your bank's excess reserves are reduced by $200. c. The money supply increases by $1,000 . and the excess reserves of your bank are reduced by $800. d. The money supply increases by $1,000 . and the excess reserves of your bank are reduced by $200.