Which of the following situations is represented by a nearly horizontal supply curve for a good?
a. Small price changes lead to small changes in quantity demanded of the good.
b. Small price changes lead to small changes in quantity supplied of the good.
c. Producers of the good are not operating efficiently.
d. Producers of the good are not maximizing profit.
e. Small changes in the price of the good lead to large changes in the quantity supplied of the good.
e
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A price ceiling established below the market clearing price will usually cause
A) nonprice rationing. B) an excess supply. C) no change in the market clearing price. D) a decrease in the market clearing price.
When governments subsidize retraining programs for unemployed workers to learn new skills, they are trying to minimize the effects of which kind of unemployment?
A. Frictional B. Structural C. Seasonal D. Real-wage
Which statement is true?
A. Almost one-half of the world's population lives in less developed countries. B. The economies of most of the NICs are growing very slowly. C. The output of the United States today is smaller than it was in 1990. D. The U.S. education system is second to none.
An example of fiscal policy would be government:
A. increasing the amount of available educational grants. B. increasing money supply. C. decreasing the income tax. D. increasing corporate income taxes.