Throughout history, governments have used price controls to
A. protect buyers.
B. protect sellers.
C. serve the “public interest.”
D. All of these responses are correct.
Answer: D
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In the 1980s national savings declined as a percentage of GDP. Assuming that domestic private investment's percentage share has not declined, this situation requires, ceteris paribus,
A) net foreign investment (NX) to decrease. B) net foreign investment (NX) to increase. C) U.S. exports to decrease. D) A and C are both necessary outcomes.
The demand for most agricultural products tend to be price inelastic
a. True b. False
A payment for the use of an input that exceeds the opportunity cost of the input is known as
A. real interest. B. economic profit. C. economic cost. D. economic rent.
After Joyce and Larry purchased their first house, they made additional home improvements in response to increases in income. After a while, their income rose so much that they could afford a larger home. Once they realized they would be moving, they reduced the amount of home improvements. Their Engel curve for home improvements on their current home is
A) negatively sloped. B) flat. C) positively sloped. D) backward bending.