_______________ —a term referring to the government practice of enacting laws to regulate prices instead of letting market forces determine prices.
a. Price ceiling
b. Price floor
c. Price control
d. Subsidies
c. Price control
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A consumer goes to purchase a TV advertised for $300. As he is checking out, the clerk informs him of a $20 rebate offer for the TV, which he fills out and receives in 3 months. What can one can infer about the consumer's reservation price?
A. It was exactly $300. B. It was at least $300. C. It was at most $280. D. It was at least $280 but less than $300.
The government purchases multiplier equals the change in ________ divided by the change in ________
A) consumption spending; government purchases B) government purchases; consumption spending C) government purchases; equilibrium real GDP D) equilibrium real GDP; government purchases
Describe the differences between capitalism and socialism
Evidence suggests that the marginal social cost of pollution reduction: a. increases as pollution reduction increases
b. remains constant as pollution reduction increases. c. decreases as pollution reduction increases. d. equals zero since it is beneficial to reduce pollution.