A market in which a price-controlled good is sold at an illegally high price is known as
A. a supermarket.
B. a flooring market.
C. a black market.
D. a ceiling market.
Answer: C
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Rent seeking is best defined as attempts
A) by landlords to get tenants. B) to achieve monopoly power and the resulting economic profit. C) by individuals to avoid paying taxes. D) by owners of a monopoly to sell the firm.
As output increases, total fixed cost
a. increases. b. remains constant. c. rises and then falls. d. falls and then rises.
If pollution is reduced below the socially efficient level:
a. the marginal cost of pollution abatement exceeds the marginal benefit of pollution abatement b. the marginal cost of pollution abatement is less than the marginal benefit of pollution abatement. c. the marginal cost of pollution abatement equals the marginal benefit of pollution abatement. d. nothing can be said about the relationship between the marginal cost and marginal benefit of pollution abatement.
Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E. Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each unit of E. Base-year prices are $1 for each good. Real GDP in the current year equals _________ and GDP equals _________
A) $550; $150 B) $130; $530 C) $150; $550 D) $530; $130 E) none of the above