If the credit market is close to being a competitive market, an interest rate ceiling imposed by usury laws will bring misallocations of resources.
Answer the following statement true (T) or false (F)
True
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Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made.
Answer the following statement true (T) or false (F)
Explain how the burden of a payroll tax changes if labor supply is relatively inelastic? Explain how your answer would change if labor supply is relatively elastic?
What will be an ideal response?
The Articles of Confederation and Perpetual Union (1781) failed because they made governmental controls too restrictive and federal taxes too high
Indicate whether the statement is true or false
Business-cycle macroeconomics involves increases in Real GDP that result from a rightward-shifting LRAS curve
Indicate whether the statement is true or false