A rent ceiling is
A) fair, because it helps all renters.
B) fair, because it insures that low-income families can rent apartments.
C) fair, because it helps all landlords.
D) unfair.
E) fair, because it helps more renters than it harms.
D
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If real GDP increased by 2% and nominal GDP increased by 1%, then output:
a. increased and the price level increased. b. increased and the price level decreased. c. decreased and the price level increased. d. decreased and the price level decreased.
Which of the following is NOT an effect of intra-industry trade if the concerned industry is monopolistically competitive?
A. Total output of the domestic industry increases as a result of such trade. B. There are few shifts in production among industries that put pressures on factor prices. C. There are considerable national gains that arise from trade because there is an increase in the number of varieties of products available in the country. D. Domestic consumers gain because such trade results in lower prices of domestic varieties of the good.