Under rent control, tenants can expect
a. lower rent and higher quality housing.
b. lower rent and lower quality housing.
c. higher rent and a shortage of rental housing.
d. higher rent and a surplus of rental housing.
B
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U.S. workers will be attracted to otherwise undesirable work as long as:
A. The compensating wage differential is high enough B. The compensating wage differential is low enough C. There are not enough illegal immigrants to fill all of the available jobs D. There are laws that restrict illegal immigrants from working in the U.S.
Free riding is primarily a characteristic of pure private goods
Indicate whether the statement is true or false
A firm’s fixed cost
A. does not vary with output. B. does not change between the short run and the long run. C. is generally a higher percentage of its total cost at high output quantities than at low output quantities. D. All of the above are true.
A recessionary output gap is defined to be when:
A. equilibrium aggregate expenditure is below full employment GDP. B. equilibrium aggregate expenditure is above full employment GDP. C. government spending is insufficient causing a gap in GDP. D. equilibrium aggregate expenditure is equal to full employment GDP.