In order to have an effect, a price ceiling must be set ________
A) above the equilibrium price
B) equal to the equilibrium price
C) below the equilibrium price
D) by suppliers
C
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In a customs union, members remove all trade barriers among themselves and adopt a common set of external barriers.
Answer the following statement true (T) or false (F)
Deep integration
A) is easier to achieve than shallow integration. B) is less controversial than shallow integration. C) does not require changing domestic policies unrelated to tariffs and quotas. D) requires cooperation with other national governments or international bodies.
If the minimum wage is set above the market clearing wage, wages will be "sticky" in the downward direction.
Answer the following statement true (T) or false (F)
The labor supply and demand most directly affect the level of ________ in an economy
A) people requiring retraining B) welfare benefits C) people attending colleges D) employment