Which of the following statements about rent control is false?
A. Rent control is an effective way to help the poor.
B. Many wealthy and famous people benefit from rent control.
C. A person does not have to be poor to qualify for a rent-controlled apartment.
D. All of these are false statements.
Answer: A
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Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people B) economywide choices; choices of individuals C) choices that involve money; choices that does not involve money D) choices of rich people; choices of poor people
In a market where a positive externality is present, the effect of a government subsidy would be to ensure:
A. an efficient outcome. B. that those who enjoy the benefit receive the surplus. C. a more fair distribution of surplus. D. All of these statements are true.
Which type of price is an implicit price of an action whose value is measured in opportunity costs?
A. Shadow B. Equilibrium C. Guaranteed D. Relative
Economic theory states that losing comparative advantage in one good means creating a comparative advantage in another. This suggests that:
A. those who experience the transition may find it difficult in the short run. B. in the long run people may not like it, but no one will complain in the short run. C. outsourcing will always be good for every member of a society. D. it can be seen as a success in the short run.