In the figure above, if the government gives a voucher equal to $3,000 per year to each college student, how many students will be accepted?
A) 8 million per year
B) 12 million per year
C) 10 million per year
D) 14 million per year
C
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Price ceilings have to be set above the undistorted market equilibrium price in order to have any impact.
Answer the following statement true (T) or false (F)
Which of the following is NOT true concerning a society's production possibilities frontier (PPF)?
A) It reveals the maximum amount of any two goods that can be produced from a given quantity of resources. B) Tradeoffs occur when moving along a PPF. C) Production efficiency occurs when production is on the frontier itself. D) Consumers will receive equal benefits from the two goods illustrated in the PPF.
During the colonial period, commodities that could only be exported legally to Britain were known as _______
a. Foxwell goods. b. tariff goods. c. scot-free goods. d. enumerated goods.
For a given supply curve, an increase in demand will typically
a. increase price, but quantity could change in either direction b. increase quantity, but price could change in either direction c. increase price but leave quantity unchanged d. decrease both quantity and price e. increase both quantity and price