The term "price supports" refers to a
a. shortage.
b. surplus.
c. price ceiling.
d. price floor.
Answer: d. price floor.
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When a 5% increase in price leads to an 8% increase in quantity supplied, supply is relatively inelastic
a. True b. False Indicate whether the statement is true or false
When we express Babe Ruth's 1931 salary in today's dollars and compare his salary to those of current New York Yankee players, we find that the current median salary of today's Yankees is
a. about three quarters of Ruth's salary. b. about the same as Ruth's salary. c. about twice Ruth's salary. d. more than four times Ruth's salary.
Checks received by the firm and deposited but not yet cleared represent
a. payment float b. availability float c. net float d. cash in hand e. none of these
According to Keynes, the main institutional barriers to downward wage and price flexibility were (1) _________________ and (2) ____________________.
Fill in the blank(s) with the appropriate word(s).