An effective rent control will
A) lead to a surplus of housing units.
B) keep rents below the competitive market level.
C) keep rents above the competitive market level.
D) be set at the price where quantity supplied equals quantity demanded.
B
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The figure above shows a nation's consumption function. If disposable income is $4 trillion, then the MPC is ________ and saving is ________
A) negative; positive B) positive; positive C) positive; zero D) negative; negative E) positive; negative
Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What is her accounting profit?
A) $12,000 B) $56,000 C) $86,000 D) $98,000
Which of the following productive resources is considered ‘fundamentally different’ from other resources with respect to supply and diminishing returns?
A. labor. B. land. C. physical capital. D. technology.
How does a lower price alleviate the problem of excess supply?
A. A lower price increases the number of potential sellers and the number of potential buyers. B. A lower price decreases the number of potential sellers and increases the number of potential buyers. C. A lower price increases the number of potential sellers and decreases the number of potential buyers. D. A lower price decreases the number of potential sellers and the number of potential buyers.