Which of the following represents the best example of a price ceiling?
a. a ration coupon
b. the price of caviar
c. parity pricing
d. rent control
e. a soil bank program
D
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Actual investment spending does not include
a. spending on consumer durable goods. b. spending on new capital equipment. c. spending on new houses. d. changes in inventories.
President Nixon "closed the gold window"
a. as a political expediency b. to force the allies to devalue their currencies c. to try to save the Bretton Woods exchange rate system d. to halt dramatic inflows of gold into the United States e. to cure the U.S. domestic deflationary spiral
An opinion based on personal preferences and value judgments is called
a. an objective concept. b. a subjective concept. c. an unintended consequence. d. ceteris paribus.
Steel cannot be produced without iron. Hence, the price elasticity of demand for iron by steel mills will be
A) perfectly elastic. B) elastic. C) inelastic. D) unitary elastic.