Which of the following would lessen the shortage?
a. decreasing the price ceiling
b. increasing the price ceiling
c. decreasing the equilibrium price
d. increasing the equilibrium price
b. increasing the price ceiling
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According to this Application, economist Daron Acemoglu categorizes which of the following as participatory institutions?
A) democracies, monarchies, and dictatorships B) constitutionally limited monarchies and democracies C) tightly controlled oligarchies, democracies, and constitutionally limited monarchies D) monarchies, dictatorships, and tightly controlled oligarchies
As measured, GDP omits which of the following?
i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
When the U.S. cuts funding for border patrol, the labor market in California is affected. We would expect the:
A. supply of labor to shift to the right. B. supply of labor to shift to the left. C. demand for labor to shift to the right. D. demand for labor to shift to the left.
If disposable personal income is $500 billion and personal saving is $15 billion, the personal saving rate is
A. 1.5%. B. 3%. C. 7.5%. D. 15%.