The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, how many apartment units are rented?
A) 2,000
B) 3,000
C) 4,000
D) None of the above answers is correct.
A
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Who wrote the book Progress and Poverty, in which the author argued that the payment of rent to landlords serves no economic purpose?
a. George Akerlof. b. Robert Dorfman. c. Henry George. d. Friedrich A. Hayek.
It is possible for the United States to compete against cheap foreign labor because expensive domestic workers
A) pay U.S. taxes. B) receive subsidies. C) are more productive. D) belong to unions.
What causes demand-side inflation? What causes supply-side inflation?
What will be an ideal response?
A positive temporary supply side shock will:
A. increase the price level in the long run. B. decrease the price level in the long run. C. increase the level of potential output in the long run. D. have no effect in the long run.