The U.S. federal debt as a percentage of GDP is currently on the rise
a. True
b. False
Indicate whether the statement is true or false
True
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A price ceiling imposed by the government:
A) can create situations of excess demand. B) is a tax that increases the market price of a good. C) involves pricing a commodity above the market price. D) helps in establishing equilibrium in case of shortage or surplus.
A cartel is an agreement
A) among firms to flood the market and eliminate competition. B) among firms to steal industrial processes from rival firms. C) among firms to decrease output and raise price. D) by the government to restrict imports.
Outsourcing refers to the process in which: a. a firm purchases service from another firm in another country. b. a firm hires laborers from a foreign market. c. the government of a country works toward providing social security and other rights to migrant workers. d. a firm purchases service from another firm
e. workers of a particular country seek employment in a firm of a foreign country.
If a product is manufactured under conditions of constant cost, an increase in the demand for the product will increase
a. both equilibrium quantity and equilibrium price in the long run. b. equilibrium price, but equilibrium quantity will be unchanged in the long run. c. equilibrium price but reduce equilibrium quantity in the long run. d. equilibrium quantity, but equilibrium price will be unchanged in the long run.