MrJones Owns an Apartment House

question 25

Multiple Choice

Mr.Jones owns an apartment house.Although he holds no strong anti-black feelings, he believes that if he rents to blacks, his tenants - all white - will move.Hence, Mr.Jones maintains a "whites only" rental policy.In Merton's terms, Mr.Jones is:

• A)an "all-weather liberal."
• B)an "active bigot."
• C)a "timid bigot."
• D)a "fair-weather liberal."

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Definitions:

Absolute Advantage

The capacity of a person, business, or nation to manufacture a product or provide a service more effectively than its rivals utilizing the same quantity of resources.

Gains From Trade

Gains from trade are the benefits obtained by countries or individuals from engaging in international trade, allowing them to consume or produce beyond their domestic capabilities.

Factor Market

A marketplace where factors of production (land, labor, capital, entrepreneurship) are bought and sold, affecting the prices and allocation of these resources.

Resource

Anything, such as land, labor, and capital, that can be used to produce something else; includes natural resources (from the physical environment) and human resources (labor, skill, intelligence).