Policies Such as Rent Control and Import Quotas Persist in Spite

question 71

Multiple Choice

Policies such as rent control and import quotas persist in spite of the fact that economists are virtually united in their opposition to such policies,probably because

• A)economists have not yet convinced the general public that the policies are undesirable.
• B)economists engage in positive analysis, not normative analysis.
• C)economists have values that are different from the values of most non-economists.
• D)economists' theories are not easily confirmed or refuted in laboratory analysis.

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Definitions:

Binding Contract

An agreement that is legally enforceable in a court of law, requiring all parties to fulfill their obligations as outlined.

Written Acceptance

Formal acknowledgment in writing that an offer or proposal has been received and agreed upon.

Verbal Offer

An offer made orally rather than in written form, often preliminary and less formal.

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A contract or agreement that is enforceable by law, where parties are obligated to fulfill the terms.