Economists generally believe that rent control is
a. an efficient and fair way to help the poor.
b. inefficient but the best available means of solving a serious social problem.
c. a highly inefficient way to help the poor raise their standard of living.
d. an efficient way to allocate housing, but not a good way to help the poor.
c
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The Federal Reserve System performs many functions but its most important one is
A. providing for check clearing and collection. B. acting as fiscal agent for the U.S. government. C. issuing currency. D. controlling the money supply.
A game in which players collectively lose is known as a
A) zero-sum game. B) positive-sum game. C) negative-sum game. D) cooperative game.
A set of producers is competitive if:
a. the good produced by one can be differentiated from the other. b. each supplies a complement of what the others produce. c. each supplies a substitute for what the others produce. d. the good produced by one can be used as an input by other producers.
A tax is progressive if it takes a
A. Smaller fraction of income as income falls. B. Larger number of dollars as income falls. C. Smaller fraction of income as income rises. D. Smaller number of dollars as income rises.