In a city that has rent control for apartments, there is
A) less turnover of apartments.
B) a surplus of apartments available to rent.
C) a shortage of renters in the city.
D) neither a surplus nor a shortage of apartments.
A
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If newspaper headlines detailed an increased American interest in British goods, which of the following would we expect to observe in the market for pounds?
a. An increase in supply, a depreciation of the pound, and a larger number of pounds traded b. An increase in demand, a depreciation of the pound, and a smaller number of pounds traded c. An increase in demand, an appreciation of the pound, and a larger number of pounds traded d. A decrease in demand, a depreciation of the pound, and a smaller number of pounds traded e. A decrease in supply, an appreciation of the pound, and a smaller number of pounds traded.
Which of the following does NOT describe the intended purpose of the antitrust laws of the United States?
A. to prohibit certain economic activities that promote trade B. to reduce the power of monopolies C. to promote competition within the economic system D. to restrict the formation of monopolies
Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing
A. cars. B. cheese. C. both cheese and cars. D. neither cheese nor cars.
Marginal product of labor refers to the
A. change in total product resulting from employing one more unit of labor. B. total product divided by the number of units of labor employed. C. smallest amount of output produced by labor. D. last unit of output produced by labor at the end of each period.