For a price ceiling to have an impact on a market it:
A. must be set above the equilibrium price.
B. must be set below the equilibrium price.
C. must be set at the equilibrium price.
D. can lead more goods to be produced in a market.
B. must be set below the equilibrium price.
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In the figure above, using the midpoint method, what is the price elasticity of demand when the price falls from $8 to $7?
A) 4.0 B) 5.0 C) 0.5 D) 0.4 E) 0.25
Total government spending (federal, state, and local) sums to approximately:
A. 10 percent of the U.S. economy. B. 20 percent of the U.S. economy. C. 40 percent of the U.S. economy. D. one-half of the U.S. economy.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles. B. an increase in economic growth. C. an increase in unemployment. D. a reduction in unemployment.
During 2016, Tony's assets equal $200,000 and his liabilities are $250,000. Tony's net worth is
A. -$50,000. B. $50,000. C. $300,000. D. $550,000.