Related to the Economics in Practice on p. 83: The initial price of $0 for the Shakespeare in the Park tickets is akin to the city of New York ________ the tickets.
A. assigning favored customer status for
B. issuing a price ceiling on
C. issuing a price floor on
D. issuing ration coupons for
Answer: B
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Which retail operation would have the highest costs per book sold?
a. a small independent bookstore b. a large retail bookstore chain c. an Internet seller of books d. All would have the same costs.
When people trade goods for money, money is being used as a medium of exchange
a. True b. False Indicate whether the statement is true or false
Suppose a banking system has a required reserve ratio of 0.10. How much can the money supply increase in response to a $500 increase in excess reserves for the whole banking system?
A. $4,500. B. $5,000. C. $50. D. $500.
Explanations for the high precautionary savings in China includes all of these except:
A. lifetime employment and guaranteed state pensions. B. China's limited social safety net provides most people with little protection against health problems and medical costs. C. higher prices for things such as housing and education. D. the many uncertainties associated with changing economic institution and society as a whole.