Answer the following questions true (T) or false (F)
1. Price ceilings result in shortages.
2. All renters benefit from rent control and all landlords lose.
3. There is a shortage of every good that is scarce.
1. TRUE
2. FALSE
3. FALSE
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Increasing the income tax rate ________ the ________
A) does not change; supply of labor B) decreases; supply of labor C) increases; supply of labor D) decreases; demand for labor E) increases; demand for labor
Physicians who own their own diagnostic testing facilities tend to order more tests, charge higher fees for them, and have higher total bills to patients. This practice of self-referral is an example of
a. moral hazard. b. adverse selection. c. resipsaloquitor. d. physician-induced demand. e. cognitive dissonance.
Education is subsidized because it generates beneficial externalities.
Answer the following statement true (T) or false (F)
Other things the same, a lower real interest rate decreases the quantity of
a. loanable funds demanded. b. loanable funds supplied. c. domestic investment. d. net capital outflow.