The U.S. has a system of private property rights that encourages productive uses of its resources even in the presence of some government influence
Indicate whether the statement is true or false
True
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In the game in Scenario 13.5,
A) there is one equilibrium: for both to expand West. B) there is one equilibrium: for both to expand South. C) there are two equilibria: either can expand in the West, and the other expands in the South. D) there is only a mixed strategies equilibrium. E) all four outcomes are equilibria.
Rent control applies to about two-thirds of the private rental housing in New York City. Economic theory suggests that the below-equilibrium prices established by rent controls would
a. create a surplus of rental housing. b. promote a rapid increase in the future supply of housing. c. result in poor service and quality deterioration of many rental units. d. lead to a reduction in housing discrimination against minorities.
A likely example of substitute goods for most people would be
a. peanut butter and jelly. b. tennis balls and tennis rackets. c. televisions and subscriptions to cable television services. d. pencils and pens.
What is the present value of $1 that will be paid to you in 5 years if the interest rate is 7%? Work it out to the nearest tenth of a cent.
What will be an ideal response?