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Web Questions
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  1. Go to the Cato Institute's home page (http://www.cato.org) and search for the article "How Rent Control Drives Out Affordable Housing" by William Tucker. After reading the article, answer the following questions:
    1. What is a shadow market, and why does one develop when there is rent control?

    2. Why is housing a particularly easy good to hoard? How does this affect newcomers to a city?

    3. How do vacancy rates compare among cities with and without rent control? Does this make sense within the supply/demand framework?

  2. Go to the Economic Policy Institute's home page (http://www.epinet.org) and search the publications catalog for the article "Time to Repair the Wage Floor" by Jared Bernstein and Jeff Chapman (Brief 180). Using that article, answer the following questions:
    1. What has happened to the minimum wage adjusted for inflation since the 1970s? Within the standard supply/demand framework, how does this affect unemployment resulting from the minimum wage?

    2. Who is affected by the minimum wage?

    3. How do the authors think it will impact the U.S. economic recovery in 2002? What evidence do they cite?





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