Economists in General Agree That Rent Controls Are

question 26

Multiple Choice

Economists in general agree that rent controls are:

• A) an efficient and equitable way to help low-income families.
• B) an inefficient and ineffective way to help low-income families.
• C) an efficient method of dealing with the supply of rental units but don't provide relief for low-income families.
• D) not very efficient but still a good way to solve the problem of low income.

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Definitions:

Production Process

The series of actions or steps taken in order to create a product or service.

Goods and Services

The physical items (goods) and intangible assistance or activities (services) that fulfill the needs or wants of consumers, forming the basis of all economic activities.

Comparative Advantage

The capacity of a country or firm to produce a particular good or service at a lower marginal and opportunity cost over another.

Absolute Advantage

The ability of a country or entity to produce a good or service more efficiently (using fewer resources) than another country or entity.