A binding price ceiling:
A. will cause quantity supplied to exceed quantity demanded.
B. will increase total well-being.
C. will set a legal minimum price in a market.
D. will cause quantity demanded to exceed quantity supplied.
D. will cause quantity demanded to exceed quantity supplied.
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The U.S. Gini ratio for income has ________ within recent decades, which means economic inequality has ________
A) decreased; increased B) decreased; decreased C) increased; decreased D) increased; increased
Which of the following is not reflected in the constant term associated with the marginal propensity to consume?
A) The level of C if Y were zero B) People's consumption with zero income C) All other influences on consumption besides income D) All of the above are reflected in the constant term.
The statistic most often used by economists to measure the value of economic activity is ________
A) GDP B) the CPI C) labor-force participation rate D) the nominal interest rate E) the real interest rate
Command-and-control regulation has been highly successful in protecting and cleaning up the U.S. environment. For instance, America’s environment has become much cleaner since the ___________ was passed in 1970.
a. Clean Water Act b. Clean Air Act c. Safe Drinking Water Act d. Wilderness Act