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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Buying at a low price in one market and reselling at a higher price in another market will
A) not generate any profit because of transactions costs. B) not generate any profit because of transportation costs. C) eventually eliminate all of the price differences. D) eventually eliminate most, but not necessarily all, of the price differences.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. short-run demand shock. D. long-run demand shock.
The Federal Reserve System is the
A) federal government agency that collects taxes and spends these receipts on tanks, bridges, government employees' salaries, etc. B) company that delivers packages to your front door. C) central bank of the United States. D) federal government agency that collects and disseminates all the economic data that economists are interested in.
If Real GDP is $8,000, the money supply is $4,000, and the price level is 3, then velocity is
A) 2.00. B) 3.33. C) 6.00. D) 7.50. E) none of the above