Suppose that a price ceiling is imposed because the market equilibrium is perceived to be too high. Which of the following rationing schemes makes no sense?
a. rationing fish to those willing to pay the highest price
b. rationing fish by means of a lottery
c. rationing fish to the elderly first
d. rationing fish on a first-come, first-served basis
e. rationing fish according to family size
A
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Suppose a country experiences an increase in output per worker. Such a development represents which of the following?
A) an increase in labor productivity B) an increase in population growth C) a reduction in the saving rate D) a decrease in economic growth
Patents have become less important than such factors as secrecy, lead time, and increased sales and service efforts as a means to maintain a competitive advantage in the pharmaceutical industry
Indicate whether the statement is true or false
Assume that the actual inflation rate is 3 percent, the target inflation rate is 2.5 percent, and that the percentage difference between actual and potential real GDP is 1 percent
According to the Taylor rule, the federal funds rate target should be A) 3.25 percent. B) 5.75 percent. C) 6.25 percent. D) 5.50 percent.
If the shoplifter knows that the security guard has a reputation for sleeping on the job, what would his best response be
a. Steal b. Not steal c. Run d. Hide