If price were $14, there would be a (shortage or surplus) _____ of _____.
surplus; 30
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In an unregulated, competitive market, less than the efficient quantity of education is produced and consumed because
A) the decisions to produce and consume education are based on marginal private costs and marginal private benefits. B) the decisions to produce and consume education are based on marginal social costs and marginal social benefits. C) the decisions to produce and consume education are based on marginal private benefits and marginal social costs. D) marginal private costs are consistently greater than marginal private benefits.
Agency problems in the subprime mortgage market included all of the following EXCEPT
A) homeowners could refinance their houses with larger loans when their homes appreciated in value. B) mortgage originators had little incentives to make sure that the mortgagee is a good credit risk. C) underwriters of mortgage-backed securities had weak incentives to make sure that the holders of the securities would be paid back. D) the evaluators of securities, the credit rating agencies, were subject to conflicts of interest.
Which of the following statements is TRUE?
A) State and local governments cannot default on their bonds. B) Bonds issued by state and local governments are called municipal bonds. C) All government issued bonds—local, state, and federal—are federal income tax exempt. D) The coupon payment on municipal bonds is usually higher than the coupon payment on Treasury bonds.
The poverty line is an absolute standard and is based on the cost of providing an adequate diet
a. True b. False Indicate whether the statement is true or false