What is a shortcoming of price control legislation?
a. Price controls lower the quantity supplied.
b. Price controls create surpluses.
c. Price controls decrease the quantity demanded.
d. All of the above are shortcomings of price controls.
.A
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The domestic market failure argument is a particular case of the theory of
A) the optimum, or first-best. B) the second best. C) the third best. D) the sufficing principle. E) the efficiency case for free trade.
If Greece chose to abandon the euro and the Greek government decided to exchange euro bank deposits for drachmas, the affected bank depositors would experience gains if the
A) euro then appreciated. B) euro then depreciated. C) drachma then appreciated. D) drachma then depreciated.
The reforms introduced by Congress in the 1930s led to the era now referred to as the Great:
A. Moderation. B. Crash. C. Depression. D. Recession.
Based on the graph showing a reduction in the growth of the money supply, real wages initially rise because the decrease in inflation rate is ______.
a. too small
b. too slow
c. expected
d. unanticipated