Which of the following would most likely cause a government to impose a price ceiling?
a. rapid inflation
b. low unemployment
c. declining prices
d. shortages of goods
a. rapid inflation
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Figure 10-7
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In Figure 10-7, output at which point represents short-run but not long-run equilibrium?
A. A only B. B only C. Both A and B D. Both B and C
If nominal GDP rises from $5 billion to $6 billion, when the GDP deflator goes from 100 to 110, real GDP a. rises
b. falls. c. stays the same. d. could either be rising or falling.
Which countries had double digit inflation rates for most of the first decade in the twenty- first century?
a. Nigeria, Turkey, Venezuela, Myanmar b. Indonesia, Iran, Belarus, the Russian Federation c. Nigeria, Indonesia, the Russian Federation, Turkey d. Indonesia, Iran, Nigeria, the Russian Federation
If the cross-elasticity of goods X and Y is positive, then the sales of X move:
A. in the opposite direction as the price of Y, and X and Y are substitute goods. B. in the opposite direction as the price of Y, and X and Y are complementary goods. C. in the same direction as the price of Y, and X and Y are substitute goods. D. in the same direction as the price of Y, and X and Y are complementary goods.