If a price ceiling of $3 is imposed on gasoline and the market price is $2,
a. the price of gasoline will rise.
b. the price of gasoline will fall.
c. the price of gasoline will remain unchanged.
d. the demand for gasoline will increase.
c. the price of gasoline will remain unchanged.
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Money is scarce, but resources are not.
Answer the following statement true (T) or false (F)
To signal to your insurance company that you are a low risk individual, to secure a lower premium, you should
a. Accept an insurance policy with a high deductible b. Accept an insurance policy with a low deductible c. Accept an insurance policy with a co-payment d. Both A&C
How can the Federal Reserve, by expanding the money supply and lowering interest rates, alleviate a recession?
What will be an ideal response?
Restricting imports usually leads to
A. a higher per capita level of real consumption. B. a reduction in exports and employment. C. a country producing beyond its production possibilities frontier. D. a country consuming even further beyond its production possibilities frontier.