If a price ceiling is imposed,
a. the market supply curve shifts to the right
b. the market demand curve shifts to the left
c. an excess demand for the good results
d. the government would be required to buy the excess supply of the good
e. the equilibrium price falls below the price level the government wishes to achieve
C
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Normal profit is a(n) ________ cost because ________
A) implicit; it represents the cost of not running another firm B) explicit; a firm must pay income taxes on its profit C) implicit; it represents the cost of economic depreciation D) accounting; wages are considered an explicit cost E) depreciation; the equipment the firm owns wears out over time
Answer the following statements true (T) or false (F)
1. The Trade Expansion Act of 1974 restricted the authority of the president of the United States to reduce tariffs. 2. The rule of origin defines the maximum percentage of a country’s exported product that can be sold in the United States. 3. If trade between the United States and Canada were totally free of restrictions, the incomes of most Canadian workers would decrease. 4. Maquiladoras are export-oriented plants, often along the U.S.–Mexico border, that are exempt from paying import duties on raw materials and parts used in making final products. 5. The Maastricht Agreement calls for a common currency and a single central bank in the European Union.
The rationale for rent control is that it protects moderate- to low-income families from the burden of rapidly rising rents and from eviction if they are unable to pay. It also prevents landlords from reaping windfalls as property values rise. Opponents note that rent controls usually lead to a reduced supply of rental housing and shortages. The proponents of rent controls support them primarily on the grounds of
A. efficiency. B. equality. C. externalities. D. cost disease of services.
Which country received the most U.S. exports in 2015?
A. Canada B. China C. Mexico D. Japan