The most common of all nonprice rationing systems is
A. queuing.
B. price ceilings.
C. favored customers.
D. ration coupons.
Answer: A
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Why is real GDP a more accurate measure of the level of production in an economy than nominal GDP? Explain with an example
What will be an ideal response?
According to this Application, the prices which were tracked in the retail catalogs exemplified the macroeconomic concept of the short run, a period of time in which
A) prices change frequently because of changes in aggregate supply. B) prices don't change very much, implying that the aggregate supply curve is relatively flat. C) prices never change because the aggregate demand curve is vertical. D) price changes are significant because the aggregate supply curve is vertical.
The price of ________ in terms of ________ is referred to as the real exchange rate
A) foreign goods; foreign services B) domestic goods; the domestic currency C) domestic goods; foreign goods D) domestic goods; domestic services
When a ____ is applied to a labor market, it is called a minimum wage.
Fill in the blank(s) with the appropriate word(s).