A price ceiling might be an appropriate government response to a
a. period of falling farm prices due to unusually good harvests
b. substantial increase in farm productivity due to marked applications of new technology in agriculture
c. national security crisis leading to major shortages of essential goods
d. period of extraordinary large surpluses of farm goods
e. good in which the demand is considerably less than the supply
C
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Use the figure below to answer the following question.
If the output level is Q2, then there will be
A. minimum net producer surplus. B. greater marginal benefits than marginal costs of the product. C. productive efficiency. D. maximum deadweight losses.
The extra revenue that results from hiring another worker is
A. the marginal revenue of output. B. the marginal revenue product of labor. C. the average revenue of output. D. the marginal input cost.
Explain the difference between endogenous and exogenous variables
What will be an ideal response?
The formula for the aggregate consumption function is [C = a + b(Y - T)] ________ the income-expenditure model.
A. after net exports are added to B. when consumption is left out of C. after government is subtracted from D. after government is added to