Biology Forums - Study Force

Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
 
  A) Property owners respond to the ceilings by increasing maintenance and repairs.
  B) Property owners respond to the ceilings by constructing new apartment buildings.
  C) There is a decrease in the quantity of apartments that prospective tenants wish to rent.
  D) There is a decrease in the quantity of apartments that property owners offer for rent.

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Ques. 2

To function as money, something must hold its purchasing power over time. That is, it must be a
 
  A) store of value.
  B) standard of deferred payment.
  C) unit of accounting.
  D) medium of exchange.

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Ques. 3

The trade-off between current consumption and the production of capital goods is also a trade-off between
 
  A) the future cost for capital goods and future cost of consumption goods.
  B) having fewer needs and more wants in the future.
  C) satisfying the needs of the poor and the wants of the wealthy.
  D) current consumption and future consumption.

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Ques. 4

The demand curve for the product of a monopolistic competitor
 
  A) is the same as the market demand curve.
  B) is horizontal.
  C) is vertical.
  D) slopes downward.

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Ques. 5

Which of the following will shift today's supply curve to the right?
 
  A) Input prices rise.
  B) Sales taxes increase.
  C) Prices are expected to be higher in the future.
  D) Prices are expected to be lower in the future.

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Ques. 6

If the four-firm concentration ratio for an industry is 84 percent, then
 
  A) each of the firms account for 21 percent of total sales.
  B) the four largest firms in the industry account for 16 percent of the total sales.
  C) the four largest firms in the industry account for 84 percent of the total sales.
  D) the remaining firms in the industry accounts for 84 percent of the total sales.

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Ques. 7

The demand curve for the product of a monopolistically competitive firm slopes downward because
 
  A) products are perceived by consumers as different.
  B) products are homogeneous.
  C) people only care about price when they buy a good.
  D) the firm's goal is to maximize profits.

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Ques. 8

For developing countries, one of the more effective ways to become more developed is
 
  A) to invest in secondary schools.
  B) to invest more in the military.
  C) to increase trade barriers.
  D) to reduce direct foreign investment.

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Ques. 9

What is meant by full employment? Why isn't the full employment rate zero? What causes frictional unemployment?
 
  What will be an ideal response?

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