The change in the quantity demanded of gas because of increasing gas prices over the last decade:
A. was more elastic than it has been in the last six months.
B. was less elastic than it has been in the last six months.
C. has been relatively the same over both time periods.
D. has become a non-issue for people now that they are used to higher gas prices.
A. was more elastic than it has been in the last six months.
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Assuming that the rent ceiling is strictly enforced so that there is no black market, which of the following statements about a housing market with a rent ceiling set below the equilibrium rent is correct?
A) The rent for housing equals the ceiling rent or higher. B) There is excess supply of housing. C) The rent ceiling increases the amount of producers' surplus. D) The rent ceiling creates a deadweight loss. E) The rent ceiling enforces efficiency upon the housing market.
Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?
A) a decrease in demand and a decrease in supply B) an increase in supply C) a decrease in demand and an increase in supply D) an increase in supply and an increase in demand greater than the increase in supply
Do Keynesians and classicals agree on the effectiveness and desirability of macroeconomic stabilization? Briefly explain
What will be an ideal response?
The structural surplus is
A) the difference between the actual surplus and the natural employment surplus and it increases whenever income rises. B) identical to the natural employment surplus and it increases whenever tax rates are cut. C) identical to the natural employment surplus and it decreases whenever the natural level of output increases. D) identical to the natural employment surplus and it increases whenever the natural level of output increases.