Under rent controls
A) there is a shortage of rental units.
B) the quantity supplied of rental units is greater than it would be under freely competitive markets.
C) there is less government involvement in rental markets overall because there is a better supply of low-income housing.
D) all renters are better off than under freely competitive markets.
A
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A competitive market is characterized by
a. the absence of entry barriers b. many buyers with a single seller c. imperfect information d. a differentiated product
Other things the same, if a country has a trade deficit and saving rises,
a. net capital outflow rises, so the trade deficit increases. b. net capital outflow rises, so the trade deficit decreases. c. net capital outflow falls, so the trade deficit increases. d. net capital outflow falls, so the trade deficit decreases.
Recall the Application about Rory McIlroy and weed-whacking to answer the following question(s). The Application assumes that Rory McIlroy could whack down all the weeds on his estate in one hour at an opportunity cost of $1,000, but it would take 20 hours for a gardener to do it at a price of $10 per hour.If Rory McIlroy only earned $500 per hour playing golf instead of $1,000 per hour, what should he do?
A. He should still hire the gardener. B. He should do the weed-whacking himself. C. He should hire a less-productive gardener. D. He should be indifferent as to who does the weed-whacking, for the difference in hourly earnings would now be insignificant.
Who among the following is most likely to favor an appreciation of the U.S. dollar?
A. A German professor visiting Chicago B. An American farmer who depends on exports C. An American professor on a tour of Austrian universities D. Disney World in Orlando, Florida, a popular destination for foreign tourists