Consider the supply and demand curves depicted in the diagram below. If the government imposed a price ceiling of $15, then sellers will be willing to sell ___, and a black market could develop where the price would be:
A. 24 units; below $15
B. 36 units; above $15
C. 24 units; above $15
D. 36 units; below $15
C. 24 units; above $15
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Two variables are related by an accounting identity when:
A) the two variables are mathematically identical. B) the two variables have a negative relationshi
The Coase Theorem states that:
A. if bargaining is difficult, then regardless of how property rights are assigned, voluntary agreements between parties will remedy the market failures associated with externalities and restore economic efficiency. B. if bargaining is frictionless, then the initial assignment of property rights determines the market failures associated by externalities and voluntary agreements between private parties are useless. C. if bargaining is frictionless, then regardless of how property rights are assigned, voluntary agreements between private parties will remedy the market failures associated with externalities and restore economic efficiency. D. if bargaining is frictionless, market failures must be remedied by government intervention.
Which of the following would probably not result in acquiring human capital?
A. Taking an economics course. B. Learning how to make chicken parmigiana. C. Playing varsity soccer. D. Purchasing a new piece of machinery.
When government spending is less than the tax revenues during a specific time period, this is known as a
A. government budget deficit. B. government budget surplus. C. balanced budget. D. public debt.