An effective price floor
A. Occurs when market prices are below equilibrium prices.
B. Results in a shortage.
C. Results in a surplus.
D. Can occur due to collusion.
Answer: C
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Which of the following would cause the IS curve to shift to the left?
A) an increase in government expenditures B) a decrease in the money supply C) an increase in domestic investment D) a decrease in taxes
With regard to the Navigation Acts (1651 and later amendments), all of the following answers are true except
(a) No commodities originating from the Empire were to be shipped in any but British (including colonial) ships. (b) No commodities imported into the Empire were to be carried in any but British ships. (c) Only British subjects were allowed to be merchants in the colonies, and only British ships were to carry commodities from one English port to another. (d) There is no "except"; all of the above answers are true.
Supply can shift due to changes in price
a. True b. False Indicate whether the statement is true or false
A competitive firm is maximizing its profit by selling 150 units of output. The firm's marginal cost is $8 and its average total cost is $6 . The firm's profit amounts to __________
Fill in the blank(s) with correct word