Rent control continues to survive despite its flaws because
A. economists generally favor it.
B. it creates economic growth in a city.
C. landlords like its simplicity.
D. those not displaced by the policy are beneficiaries of the policy and vote to keep it.
Answer: D
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Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. As a result of this change
A) price will be higher, output will be lower, and the deadweight loss will be eliminated. B) consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency. C) consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus. D) price will be higher, consumer surplus will be greater, and output will be greater.
If Cruise the World advertises a 30 day low-price guarantee that will refund any of its customers the difference between the price they paid for a cruise and a lower price offered by Cruise the World for the same cruise, this is an example of ________.
A) a meet-the-competition clause B) a most-favored-customer clause C) price visibility D) a meet-or-release clause
Very few commodity agreements are successful in bringing together supplier and consumer countries to stabilize commodity prices.
a. true b. false
A current account deficit means that exports exceed imports.
Answer the following statement true (T) or false (F)