Rent control is an example of
A) a price floor.
B) a price ceiling.
C) the rationing function of prices not working.
D) the government increasing the demand for certain products.
B
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The table below describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour.Calls PerHourNumber ofTelephonesPer HourNumber ofWorkersPer Hour0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225What is the total cost of making 6 calls an hour?
A. $40 B. $60 C. $30 D. $65
If the net public debt remains unchanged during a given period, but the gross public debt increases, then which of the following statements must be correct?
A) Government interagency borrowing must have decreased during the period. B) Foreign ownership of U.S. Treasury securities must have fallen during the period. C) Government interagency borrowing must have increased during the period. D) Foreign ownership of U.S. Treasury securities must have risen during the period.
Everything else held constant, if the sum of the required reserve ratio and the excess reserve ratio is less than one, a decrease in the currency-deposit ratio causes the M1 money multiplier to ________ and the money supply to ________
A) decrease; increase B) increase; increase C) decrease; decrease D) increase; decrease
In the text, the authors present evidence that the market for free agents in professional baseball is subject to the lemons problem. How could a prospective free agent overcome this problem when seeking a new contract?
A) Agree to accept a lower salary with a new team. B) Rely on standardization to avoid the asymmetric information problem. C) Decide to negotiate only with their current team. D) Develop a reputation as a reliable and productive player.