Which of the following is an example of the effect of a price floor?
A. Scalping of Super Bowl tickets
B. Surplus cheese
C. The New York city housing shortage
D. Black markets
E. Milk shortages
Answer: B
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The employment-population ratio is
a. percentage of the population unemployed b. percentage of the population employed c. the same as the unemployment rate d. always greater than 1 e. percentage of the population employed by the private sector.
Actual reserves are equal to required reserves plus excess reserves
Indicate whether the statement is true or false
The Fed can ________ in the economy.
A. change the supply of money, but not the interest rates B. change interest rates, but not the supply of money C. change both interest rates and the supply of money D. change neither interest rates nor the supply of money
Producers' surplus is
A) the difference between the price a buyer pays for a good and the highest price he would have paid for the good. B) the difference between the price a seller receives for a good and the minimum price for which he would have sold the good. C) the difference between the price a seller receives for a good and the price a buyer pays for the good. D) equal to price times quantity sold. E) equal to the seller's minimum price and the buyer's maximum price.