Given the consumption function C = $100 billion + 0.75 ($300 billion), autonomous consumption is equal to:

If trade causes some workers to be laid off, most economists conclude:

a. that all other workers will be better off because their wages will rise. b. that we should not allow imports to take U.S. jobs. c. that we should expect wages to fall. d. that none of these answers is true.

Rent control applies to about two-thirds of the private rental housing in New York City. Economic theory suggests that the below-equilibrium prices established by rent controls would

a. create a surplus of rental housing. b. promote a rapid increase in the future supply of housing. c. result in poor service and quality deterioration of many rental units. d. lead to a reduction in housing discrimination against minorities.