In the graph above, a government imposed price of $35 represents a price _____ and there is a _____.
A. floor; surplus
B. floor; shortage
C. ceiling; surplus
D. ceiling; shortage
A. floor; surplus
You might also like to view...
Which of the following statements is true?
A) Job search refers to the activities that workers undertake to find appropriate jobs. B) It is easier to find full-time suitable employment than to find seasonal part-time employment. C) In a competitive market, workers who demand a wage higher than the equilibrium wage rate are likely to get employed faster. D) Job search is normally a month-long process.
According to Keynes, the most important determinant of an individual's real saving is
A) interest rates. B) the foreign exchange rate. C) the individual's real disposable income. D) the level of investment.
Economic theory suggests that the standard of living of American workers would rise if
a. workers were forced to retire earlier. b. automation were outlawed. c. technological improvements increased output per worker-hour. d. the minimum wage were doubled.
Crowding out is the idea that an increase in government spending may cause a reduction in private sector spending.
Answer the following statement true (T) or false (F)