Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market quantity will be
A) below Q1.
B) above Q3.
C) between Q1 and Q3.
D) Q2.
C
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Refer to Figure 13.2. Oliver's political views initially placed him at the L4 position and George's political views initially placed him at the C4 position
If George comes out with a statement supporting an increase in taxes on the rich, which moves him to the C3 position, and Oliver responds by not only stating that taxes should not be raised, but in fact should be lowered, moving him to the L2 position, the winner of the election will be ________ with a winning vote total of ________. A) Oliver Cousins; 6 votes B) George Glass; 5 votes C) Oliver Cousins; 5 votes D) George Glass; 6 votes
A factor of production that can be used in any sector of an economy is a(an)
A) mobile factor. B) specific factor. C) variable factor. D) import-competing factor. E) export-competing factor.
Which of the following countries has historically been more willing to sacrifice environmental quality for additional economic output?
a. United States b. China C. Canada D. France
Keynesians believe that the transactions demand for money influences the
a. liquidity of money b. precautionary motives for holding money c. velocity of money d. interest rate e. level of real GDP