Which of the following is a potential result of a price ceiling?
A) excess supply
B) long lines
C) higher quality output
D) higher marginal costs
B
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Which of the following is an example of rent seeking behavior?
A) Recent increases in cigarette taxes faced little opposition from voters, many of whom were rationally ignorant with respect to the tax. B) U.S. sugar firms convinced Congress to impose a quota on imports of sugar. C) Amazon introduced the Kindle to compete with Sony's Digital Reader. Amazon was motivated by the desire to earn profits from the Kindle but also increased the choice of digital music players available to consumers. D) Apple earned large profits from the development and sale of the iPhone.
The business cycle component of the log of real per-capita GNP is equal to
A) log of actual real GNP - log of trend GNP. B) log of trend GNP ÷ log of actual real GNP. C) log of trend GNP - log of actual real GNP. D) log of actual real GNP ÷ log of trend GNP.
Toddler Treats produces soft cereal bars for toddlers and Toddler Treats states on its packaging and in its advertising that its cereal bars are nut-free. All of the following could be accidents for Toddler Treats except which one?
A) an audit failure B) selling cereal bars that have been cross-contaminated with peanuts C) failing to earn economic profit D) infringing on other company's patent on toddler cereal bars
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.