Which of the following is NOT a predictable result of a price ceiling set below the market clearing price?
A) an illegal market in the good
B) excess quantity supplied
C) excess quantity demanded
D) lines to purchase the product
Answer: B
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Government takeover of a foreign corporation is called
a. joint venture b. expropriation c. imperialism d. nationalization e. all of the above
Countries with more economic freedom during 1980-2009 tended to do which of the following?
What will be an ideal response?
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.
Demand for movie rentals is highly elastic. A video store that raises the price of a rental will:
a) lose revenue b) gain revenue c) possibly gain or lose revenue d) see no change in revenue