When a binding price floor is imposed on a market to benefit sellers,
a. no sellers actually benefit
b. some sellers benefit, but no sellers are harmed.
c. some sellers benefit, and some sellers are harmed.
d. all sellers benefit.
c
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Assume that Paris First National Bank is a thriving bank with deposits of $20 million. If the legal reserve requirement is 20 percent and the bank is fully loaned out, the bank will keep what amount of required reserves?
a. $2 million b. $4 million c. $10 million d. $16 million e. $20 million
Which of the following types of unemployment can exist in an economy that is at its potential output level?
a. cyclical unemployment only b. structural unemployment only c. frictional, cyclical, and seasonal unemployment only d. frictional, seasonal, and structural unemployment only e. there will be no unemployment in an economy that is at the potential output level
Suppose a hurricane hits Alabama, causing widespread damage to houses and businesses. The governor of Alabama places price ceilings on all building materials to keep the prices reasonable. Which of the following is the most likely result?
A. A faster recovery from the storm. B. The supply of building materials to Alabama will increase. C. More people will be able to purchase building materials. D. Shortages of building materials and a slower recovery from the storm.
With no international trade, a country ________ consume at a point outside of its PPF; with international trade, a country ________ consume at a point outside of its PPF
A) cannot; can B) can; can C) can; cannot D) cannot; cannot E) None of the above answers is correct because the presence or absence of international trade has nothing to do with where a country consumes in comparison to its PPF.