The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented?
A) 2,000
B) 3,000
C) 4,000
D) None of the above answers is correct.
B
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Raul Prebisch was an Argentine economist who argued that
A) the terms of trade would decline for primary commodity exports. B) the terms of trade would decline for manufactured goods exports. C) imports substitution policies were a solution to export pessimism. D) Both A and C. E) Both B and C.
John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. The expected value of John's earnings if he chooses not to expand is:
A. $400,000. B. $200,000. C. $250,000. D. $225,000.
When the absence of property rights causes a market failure, the government can potentially solve the problem
a. by clearly defining property rights. b. through regulation. c. by supplying the good itself. d. All of the above are correct.
The act of selling an item in slightly altered forms at different prices and to different groups of consumers is known as
A. tie-in sales. B. lemons marketing. C. bundling. D. versioning.