Enacting a law controlling rents near a major university will increase the affordable housing for college students.
Answer the following statement true (T) or false (F)
False
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In analyzing human decision and action, economists assume that
A. there are no scarce resources in the economy. B. people's behavior reflects rational self-interest. C. scarcity is more important than choice. D. costs are more important than benefits.
Demand is price elastic if a
A) relatively large price increase leads to a relatively small decrease in the quantity demanded. B) relatively small price increase leads to a relatively large decrease in the quantity demanded. C) price increase leads to a decrease in the quantity demanded. D) price increase leads to an increase in the quantity demanded.
Since World War II, state and local government revenues have been a
a. growing share of total government revenues. b. shrinking share of total government revenues. c. stable share of total government revenues. d. minuscule share of total government revenues.
Which of the following is NOT an example of a transfer payment?
A) Social Security B) unemployment benefits C) welfare D) interest payments on government bonds