A price ceiling placed on a market for rental apartments is called
a. rent control
b. rent subsidy
c. apartment subsidy
d. public housing
e. public supplement
A
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What does the assumption of perfect knowledge include?
What will be an ideal response?
The optimal amount of air pollution is
A) found by equating the marginal benefits from reducing pollution by one more unit with the marginal costs of reducing pollution by an additional unit. B) found by equating the total benefits from reducing pollution by one more unit with the total costs of reducing pollution by an additional unit. C) found by setting the marginal benefits from reducing pollution by one more unit equal to zero. D) a meaningless concept since we cannot monetize the environment.
Which of the following statements about the Fed is not true?
a. It serves as the bankers' bank for member banks. b. It can, and on occasion does, control interest rates. c. It uses open market operations to control the economy's money supply. d. It changes the legal reserve requirement less frequently than it changes the discount rate. e. It changes the legal reserve requirement more frequently than it changes the discount rate.
Gold is a perfect medium of exchange and measure of value because of its
a. divisibility, portability, and homogeneity b. divisibility and durability c. durability and relative scarcity d. durability and homogeneity e. divisibility, durability, and relative scarcity