Which group would be most likely to benefit from a binding price floor imposed on wheat?
a. buyers of wheat that are seeking lower prices
b. sellers of wheat that are seeking higher prices
c. sellers of goods considered complements to wheat, hoping to sell larger quantities of their products
d. consumer groups hoping to keep overall food prices low
Ans: b. sellers of wheat that are seeking higher prices
You might also like to view...
In Figure 5-5, the slope of the demand curve
a.
has a constant value of -2
b.
is higher between points T and U than between points V and W
c.
is lower between points T and U than between points V and W
d.
matches the value of the price elasticity of demand at each point
e.
is lower than the value of the price elasticity of demand at every point
The command-and-control strategy for pollution reduction refers to
A. The use of pollution fines to change the costs of polluting. B. A requirement specifying the level of pollution and the process to reduce pollution. C. Gradual development of standards through close monitoring of environmental changes. D. The use of tradable permits.
If you anticipate that the inflation rate is going to rise from 2 percent to 3 percent next year, you should
A. wait to buy a house until next year. B. keep your funds in your sock drawer. C. borrow funds at a fixed rate of interest. D. save your funds at a fixed rate of interest.
Firms in an economy with high capital costs have an incentive to use more ________ techniques.
A. capital-dependent B. labor-saving C. capital-intensive D. labor-intensive