A sure sign of the existence of an underground market for rent-controlled apartments in New York City is that
A. some apartments are subleased from the dead.
B. apartment dealers work alongside drug dealers on its city streets.
C. an open bribe must be paid to the mayor to get a rent-controlled apartment.
D. rents are high.
Answer: A
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In a market open to international trade, at the world price the quantity demanded is 150 and quantity supplied is 200. This country will
A) export 50 units. B) import 50 units. C) export 200 units. D) import 150 units.
When a nation is producing the allocatively efficient quantity of a product, the marginal benefit of producing the good equals the marginal cost of producing that good
Indicate whether the statement is true or false
The body that is responsible for dating the beginning and ending dates for a recession is
A) the Congress. B) the National Bureau of Economic Research. C) the Bureau of Economic Analysis. D) the Fed.
The following table contains information regarding price and output for a firm. For each point except the first, calculate the elasticity between it and the point above. Price Quantity Elasticity $7 10 _____ 6 20 _____ 5 30 _____ 4 40 _____ 3 50 _____ 2 60 _____ 1 70 _____
What will be an ideal response?