An effective price floor results in a shortage.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Which of the following is true for the world as a whole?
a. During the past 200 years, the income per person of the world has increased sharply, but there has been little change in the years of life expectancy at birth. b. During the past 200 years, the years of life expectancy at birth has increased sharply, but there has been little change in the world's income per person. c. During the 800 years between 1000 and 1800, the increases in both world income per person and life expectancy at birth were small, but both of these indicators have increased sharply during the past 200 years. d. Both income per person and life expectancy rose steadily during 1000-1800, but neither of these indicators have increased much during the past 200 years as the population of the world has become larger and larger.
When the 2010 Patient Protection and Affordable Care Act is fully implemented, it will
a. set the prices (reimbursement rates) for more than 7,000 . different medical procedures. b. increase the supply of doctors and other medical services. c. increase the supply of doctors and other medical services. d. reduce the share of health care expenses paid for by a third party, which will increase the incentive of both consumers and medical providers to economize. e. All of the above are true.
A tax on polluting emissions will
A. provide incentives for firms to reduce the volume of polluting materials B. raise revenue sufficient to eliminate the deficit. C. necessarily lower the price of the products. D. require no agency to administer the tax.
Which of the following do behavioral economists use to demonstrate how our sense of fairness affects our decision making?
a. the endowment effect b. the gambler’s fallacy c. the law of diminishing marginal utility d. the ultimatum game