Of the following groups, who gains from rent controls?
A) landlords
B) construction workers and their union leaders
C) poor people who have a hard time earning enough income to pay high rents
D) high-income people who live in rent-controlled apartments
Answer: D
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Refer to the scenario above. Which of the following statements is true of the terms of trade of tea for coffee?
A) The terms of trade will lie somewhere below 1/3. B) The terms of trade will lie somewhere above 2. C) The terms of trade will lie between 1/3 and 2. D) The terms of trade will equal zero.
Which of the following demonstrates that policymakers cannot know the outcome of their decisions without knowing the public's expectations of them?
A) traditional Keynesian theory B) Post Keynesian theory C) real business cycle theory D) new classical theory