During the American Revolution, the Pennsylvania legislature enacted price controls on essential commodities. The result of this legislation was
A. a large increase in the availability of those items, ending shortages.
B. a severe shortage of those essential commodities.
C. an increase in the price of those items, thus alleviating shortages.
D. new efforts to increase production of those commodities.
E. a minor inconvenience as persons adjusted to the new law.
Answer: B
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A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
A decrease in the interest rate will: a. increase the amount of money borrowed by firms
b. decrease the amount of money borrowed by firms. c. have an ambiguous effect on the amount of money borrowed by firms. d. have no effect on the amount of money borrowed by firms.
What three sources of revenue finance the EU budget?
What will be an ideal response?
Two items which have a negative cross price elasticity of demand are referred to as
A. inferior goods. B. complements. C. substitutes. D. luxury goods.