In 1973 and 1979, the U.S. federal government imposed price ceilings on gasoline which resulted in surpluses of gasoline
Indicate whether the statement is true or false
False
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What are the defining features of classical macroeconomics and what policies do classical macroeconomists recommend?
What will be an ideal response?
A change in quantity demanded
A) is a shift of the demand curve. B) is a movement along the demand curve. C) can be either a shift or a movement along the demand curve. D) is caused when there is a change in a ceteris paribus factor.
An example of moral hazard is
a. people drive less carefully in icy conditions with antilock brakes than without b. people drive as safely with more airbags as without c. football players avoid 'spearing' with their heads even with safer helmets d. people read the medicine warnings as carefully when self-medicating as with a doctor's prescription
Which of the following would most likely increase the demand for peanut butter?
a. a decrease in the price of jelly, a good that is often used with peanut butter b. the discovery that excessive consumption of peanut butter is harmful to one's health c. crop failures that raise the price of peanuts d. the invention of a new product that consumers think is a good substitute for peanut butter