Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. The government setting the price of pencils at $0.50 would be an example of an effective
A. price shortage.
B. price floor.
C. price ceiling.
D. market equilibrium.
Answer: B
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The goal of fiscal policy is to ________, and typically focuses on ________
A) balance the federal budget; tax rates and tax revenues B) stabilize the supply of money in the economy; price stability C) reduce the severity of economic fluctuations; employment and production D) eliminate balance of payments deficits or surpluses; exchange rate stability
Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, the firm will be forced to operate at what level of output?
A) 22 B) 34 C) 38. D) 50 E) 64
In order to dispose of nuclear waste created by power plants around the country, the government buys land in Glowing Gulch, Idaho. Citizens of that town organize to block construction of the nuclear waste facility. Which of the following statements is false?
a. The benefits of the nuclear waste facility are widespread. b. The costs of the nuclear waste facility are concentrated. c. The citizens of Glowing Gulch are a special-interest group. d. Consumers of the power generated at the nuclear plants are not likely to organize to support construction of the nuclear waste facility. e. The citizens of Glowing Gulch are equally concerned about all public issues.
If the price of tables sold by All-Oak Table Co. decreases from $500 to $400, then the:
A. supply of labor to All-Oak Table Co. increases. B. demand for labor by All-Oak Table Co. decreases. C. demand for labor by All-Oak Table Co. increases. D. supply of labor to All-Oak Table Co. decreases.