Agricultural price supports are
A) price ceilings.
B) price floors.
C) quantity quotas.
D) taxes.
B
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The elasticity of any demand curve is the same as its slope.
Answer the following statement true (T) or false (F)
The federal government budget deficits of the late 2000s were driven by:
a. foreign trade deficits. b. increases in government spending. c. declines in tax rates and tax revenue. d. excessive money growth. e. both b and c.
Economic profit is always
A) greater than accounting profit. B) equal to accounting profit. C) less than accounting profit. D) equally likely to be either greater or less than accounting profit.
When the price of oil rises unexpectedly, the equilibrium price level ________ and the unemployment rate ________ in the short run
A) rises; falls B) rises; rises C) falls; falls D) falls; rises