An economist looks at rent controlled prices as an example of a
A. engaged price.
B. price floor.
C. price ceiling.
D. equilibrium.
Answer: C
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Compare the policy prescriptions of Keynesian, Classical, and Monetarist economists
What will be an ideal response?
If the labor supply curve faced by a firm is rising, the marginal factor cost curve of labor must be
A) rising and below the supply curve. B) rising and above the supply curve. C) equal to the supply curve. D) horizontal.
A French import is a good
a. produced in France and sold to Britain b. used in the production of a French good c. produced in Britain d. consumed in Britain e. produced in Britain and sold to France
An economy that is producing a gross domestic product worth $100 million but is capable of producing an output worth $150 million at full-employment equilibrium would have a(n): a. recessionary gap of $50 million
b. expansionary gap of $100 million. c. recessionary gap of $150 million. d. expansionary gap of $250 million.