Black markets are associated with:
A. price floors and the resulting product surpluses.
B. price floors and the resulting product shortages.
C. ceiling prices and the resulting product shortages.
D. ceiling prices and the resulting product surpluses.
Answer: C
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Which of the following occurs in the factor market?
A) households exchange resources for goods and services. B) firms exchange money for resources. C) firms exchange goods and services for resources. D) households exchange money for goods and services.
The Medicare pay-as-you-go system is jeopardized by
a. an overly generous fee schedule that pays physicians more than private insurance for most procedures. b. the changing demographics of the U.S. population with an increasing percentage over the age of 65 c. a reliance on the premiums paid by the elderly themselves to fund a majority of the total cost of the system. d. allowing physicians to balance bill their patients. e. the rising costs of long-term care.
Zero pollution represents an efficiency standard
a. True b. False Indicate whether the statement is true or false
Define the following terms and explain their importance to the study of macroeconomics:
a. exchange rate b. depreciation c. devaluation d. fixed exchange rates