If a price ceiling is a binding constraint on a market, then
a. the equilibrium price must be below the price ceiling
b. the quantity supplied must exceed the quantity demanded.
c. sellers cannot sell all they want to sell at the price ceiling.
d. buyers cannot buy all they want to buy at the price ceiling.
d
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Refer to the above figure. Unexpected expansionary monetary policy has caused the aggregate demand curve to shift to AD2. In the short run
A) the unemployment rate can increase or decrease depending upon how much the LRAS will shift. B) the unemployment rate will be smaller than the rate before the expansionary monetary policy. C) the unemployment rate will be larger than the rate before the expansionary monetary policy. D) the unemployment rate will be the same rate as before the expansionary monetary policy.
Congress created the Federal Reserve System
A) to serve as a lender of last resort. B) to process the receipt of taxes received by the Internal Revenue Service. C) to regulate the value of the U.S. dollar against foreign currencies. D) to provide a source of mortgage loans to the residential housing market.
Business firms supply goods and services to ________ and purchase factors of production in ________.
A. factor markets; product markets B. factor markets; national markets C. product markets; factor markets D. national markets; factor markets
The feedback effect can be thought of as a type of
A. social regulation. B. creative response. C. economic regulation. D. regulatory lag.