In a market where the government imposes a price control, the excess demand or excess supply created will be determined by
a. the imposed price and the slope of the demand curve
b. the imposed price and the slope of the supply curve
c. only the imposed price determines these things
d. the difference between the imposed price and the equilibrium price
e. the difference between quantity demanded and quantity supplied at the imposed price
E
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Assume Bill's income to spend on the two goods in the graph shown is $48, and movie tickets cost $8. If Bill's budget constraint is one of the lines in the graph, which one must it be?
A. A
B. B
C. C
D. It could be line A or B.
The federal funds market is the market where:
a. the federal government raises funds to cover its budget deficit. b. the Federal Reserve System makes loans to commercial banks. c. commercial banks with excess reserves make loans to commercial banks seeking reserves. d. commercial banks make loans to the Federal Reserve.
In a market economy, persons undertaking an investment project must
a. obtain approval from political authorities before the project can be undertaken. b. either personally supply the required funds or convince other investors and financiers to do so. c. finance the project entirely with equity capital. d. arrange for bank financing before the project can be undertaken.
Economists focus on "unlimited human wants," rather than ________, to describe our pursuit of goods and services.
A. needs B. output C. physical requirements D. prices