The City Council of Happy Village is thinking about imposing rent controls. If they put rent controls in place, which constituency are they trying to please?
A) landlords
B) all taxpayers
C) existing tenants
D) all voters
C
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Your textbook argues that the phrase "the distribution of income" is misleading because
A) income is not created in a market economy, only wealth is. B) it suggests that income is not earned in process of its creation and can simply be parceled out any which way policymakers wish. C) income in the form of wages and salaries can be negative, and therefore cannot be distributed. D) it is only related to ethical rather than economic considerations.
The process by which financial institutions accept savings from businesses, households and governments and lend the savings to other businesses, households and governments is
A) asymmetric information. B) adverse selection. C) moral hazard. D) financial intermediation.
Marginal utility
a. increases as more of a good is consumed b. increases as the total utility of consuming a good increases c. is the same as the utility of consuming a good d. is the same as the utility of consuming an additional unit of a good e. is the same for all units of a good, but varies from one consumer to another
Which of the following statements best describes price ceilings?
a. A price ceiling that is set at a relatively high level is nonbinding. b. A price ceiling that is set at a relatively low level is nonbinding. c. A price ceiling that is set at a relatively high level will have no practical effect unless the equilibrium price falls below the price ceiling. d. A price ceiling that is set at a relatively low level will have no practical effect unless the equilibrium price soars high enough to exceed the price ceiling.