Rent control is an example of
A. the rationing function of prices not working.
B. a price ceiling.
C. the government increasing the demand for certain products.
D. a price floor.
Answer: B
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An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 12 radios B. 3 radios C. 1/5 radio D. 1/3 radio
Describe some of the features hindering developing countries from growing faster
What will be an ideal response?
Consider the graph. What would most likely be the cause of a shift from D1 to D2?
A. A tax on sellers
B. A tax on buyers
C. A subsidy for sellers
D. A subsidy for buyers
An unfavorable balance of trade occurs when
a. value of exports equals the value of imports b. the balance of payments is balanced c. the current and capital accounts in the balance of payments are equal d. the value of exports exceeds the value of imports e. the value of exports is less than the value of imports