Suppose that the government places a price ceiling in the fish market, and that the ration coupons it issues are bought and sold on a ration coupon market before they are used to purchase fish. Then the
a. excess supply of fish will be eliminated
b. price of fish set by the price ceiling would fall
c. price of fish set by the price ceiling would rise
d. price ceiling must have been too low
e. purpose of that price ceiling would be defeated
E
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Suppose an increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units. At the original price, the price elasticity of supply for hamburgers is ________ so supply is ________.
A. 3/2; inelastic B. 2/3; elastic C. 2/3; inelastic D. 3/2; elastic
The total federal debt is equal to
A) the total value of all U.S. currency in circulation. B) the sum of all past deficits minus the sum of all past surpluses. C) the federal budget deficit minus the federal budget surplus. D) annual federal tax receipts plus annual federal expenditures.
About how much U.S. and European trade is intra-industry?
a. 40% b. 50% c. 60% d. 70%
As real incomes grow, what happens to federal tax revenues as a share of the economy?