What is a government-imposed maximum price at which a good can be sold?
a) a price floor
b) a price ceiling
c) a price support
d) a price equilibrium
Ans: b) a price ceiling
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Assume the economy is operating at a real GDP above full-employment real GDP. Keynesian economists would prescribe which of the following policies?
a. Nonintervention b. Fixed rule c. Contractionary d. Expansionary
A market in which final goods and services are exchanged is a
A. Labor market. B. Public goods market. C. Factor market. D. Product market.
After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?
A. Price of a substitute good B. Income C. Preferences D. Price of a complementary good
Briefly comment on the predictions of economists Milton Friedman and Edmund Phelps about the ability to exploit a trade-off between inflation and unemployment
What will be an ideal response?