The primary effect of rent control in the short run is to reduce rents
a. True
b. False
Indicate whether the statement is true or false
True
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Answer the following statements true (T) or false (F)
1. The labor supply curve(s) will shift left if there is a decrease in wages. 2. An increase in the price of a product signals consumers that there is an overage and the product should perhaps be economized on. 3. The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of goods, services, labor, and financial capital. 4. It is a common mistake to confuse the slope of the supply curve with its elasticity. 5. Zero elasticity in either a supply or demand curve occurs when a price change of one percent results in a quantity change of one percent.
At the most basic level, the distinguishing characteristic of government that makes it different from private firms is
a. the difference in incentive structure motivating economic activity. b. its ability to direct resources in a manner that is more economically efficient. c. its ability to produce goods and services that people value. d. its ability to use coercive force against people to modify their behavior or force them to pay for a good or service whether they benefit from it or not.
The information on a demand curve is also on a(n)
A) indifference curve. B) budget constraint. C) income-consumption curve. D) price-consumption curve.
Answer the following statements true (T) or false (F)
1) During the Great Depression, most nations lowered tariffs and abolished import quotas to encourage the flow of trade. 2) Barriers to free trade impair efficiency in the international allocation of resources. 3) The World Trade Organization is comprised of 28 European nations and dedicated to abolishing trade barriers and integrating their economies. 4) The World Trade Organization (WTO) is an international organization designed to provide short-term advances of foreign monies to those nations faced with trade deficits.