What is the name for government actions that establish maximum or minimum payments for goods or services?
a. interest rates
b. price controls
c. income taxes
d. budget policies
b. price controls
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Which statement is true?
A. The number of people living on family farms has been increasing in recent years. B. Most farm subsidy payments go to large corporate farms. C. The United States' huge agricultural surpluses have completely eliminated starvation in this country. D. None of the statements are true.
An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry. The widget industry may therefore
A. be monopolistically competitive. B. have firms whose goal is sales maximization. C. have firms that act as price leaders. D. All of the responses are correct.
If the AD curve is vertical, a positive cost shock will cause ________ in output and ________ in the price level.
A. no change; an increase B. a decrease; no change C. a decrease; an increase D. no change; no change
In 2012, the top one-fifth of U.S. households earned ________ of the nations total income
A) about 22% B) just under 35% C) just over half D) almost 90%