Which of the following is an accurate statement about landlords who handle rent-controlled apartments?
a. They often must rent to people they are biased against.
b. They often discriminate against possible “undesirable” renters.
c. They often prefer renting to people with low incomes.
d. They often have few possible renters to choose from.
b. They often discriminate against possible “undesirable” renters.
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One assumption that economists often make about people is that they are ________
A) risk-neutral B) risk-averse C) risk-seeking D) rent-seekers
At a low wage rate,
a. there is no substitution effect b. there is no income effect c. the substitution effect usually outweighs the income effect d. the income effect usually outweighs the substitution effect e. the disutility of market work is usually high
The inverse trade-off between inflation and unemployment is known as the:
a. Laffer curve. b. aggregate supply curve. c. Phillips curve. d. aggregate demand curve. e. Keynesian curve.
Suppose a restaurant that is highly profitable during the summer months is unable to cover its total cost during the winter months. If it wants to maximize profits, the restaurant should
a. shut down during the winter, even if it is able to cover its variable costs during that period. b. continue operating during the winter months if it is able to cover its variable costs. c. go a out of business immediately; losses should never be tolerated. d. lower its prices during the summer months.