Suppose the world price of widgets is 5 each. If a widget-importing country imposed a 2 per widget tariff, what price would that country's consumers pay for widgets?
A) 10
B) 7
C) 5
D) 3
E) A price that is greater than 5 and less than 7
Question 2
What is the most likely effect of legislated rent controls on the rental vacancy rate in an area adopting such controls?
A) The vacancy rate will not change because rent controls don't change the demand (curve) for housing.
B) The vacancy rate will rise because owners will be less eager to have tenants in their buildings.
C) The vacancy rate will fall because rent controls create a shortage situation.
D) The vacancy rate will become wholly arbitrary and unpredictable because allocation decisions will have to be made by political rather than economic criteria.
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