Shortages are associated with price _______; surpluses are associated with price _______.
A. floors; ceilings
B. ceilings; floors
C. equilibrium; equilibrium
D. None of these choices are correct.
B. ceilings; floors
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A professor posts his course syllabi and past exams on the Internet. From the economic point of view, the professor's behavior
A) demonstrates the arrogance of the professor. B) better informs prospective students. C) is a costless use of scarce resources, because it avoids paper, ink, and mimeos. D) is irrational.
The survey the Bureau of Labor Statistics uses to collect unemployment data is called the:
A. current population survey. B. census population survey. C. census employment survey. D. current employment survey.
If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, a decrease in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
The "implicit debt" accompanying the Social Security and Medicare programs is
a. substantially greater than the national debt. b. approximately equal to the national debt. c. about half the size of the national debt. d. about one tenth the size of the national debt.