Rent controls carry long-run unintended consequences, such as
A) a fairer price for people who can't afford market-determined rents.
B) improved quality of apartment units.
C) fewer apartment units as landlords seek substitute uses of their property.
D) an increase in rental price competition among landlords.
C
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In 2010, gross private domestic investment constituted ________ percent of nominal GDP
A) 70.4 B) 12.4 C) 18 D) -5.4
The concept of economic rent is associated with the British economist David Ricardo (1772-1823). Ricardo analyzed economic rent for land. Which of the following is FALSE with respect to determining land rent?
A) The supply curve for land is vertical (perfectly inelastic). B) Rent is payment for a resource above its opportunity cost. C) Payment for a resource below its opportunity cost is rent. D) Ricardo assumed the quantity of land in a country is fixed.
In the market for newly developed real estate, adverse selection could occur when
a. The buyers can observe and detect all the features of the properties b. The buyers know more about the property than the developers c. The developers of the property know more about the properties than the buyers d. Neither parties knows about the item properly
One reason why purchasing power parity may not work perfectly has to do with barriers to trade such as tariffs and quotas on imports
a. True b. False