A supply curve
A) is a table that shows the relationship between the price of a product and the quantity of the product supplied.
B) is a curve that shows the relationship between the price of a product and the quantity of the product supplied.
C) is the relationship between the supply of a good and the cost of producing the good.
D) is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange.
Answer: B
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Congress imposes a price ceiling in the market for gasoline. It is below the equilibrium price. This will:
a. Lead to a surplus of gasoline b. Lead to a shortage of gasoline c. Decrease the demand for gasoline d. Increase the demand for large cars
Other things constant, the elimination of factor price distortions in developing countries would most likely
(a) decrease rural-urban migration. (b) have little effect on rural-urban migration. (c) increase rural-urban migration. (d) increase urbanization.
Which of the following statements about the real loanable funds market is not true?
a. Movements in the real risk-free interest rate cause significant changes in borrowers' willingness and ability to tap the domestic credit market if the demand is highly inelastic. b. The more inelastic a nation's supply of real loanable funds, the less sensitive domestic savers, banks, foreigners, and governments are to changes in the real risk-free interest rate. c. Monetary policy is usually stronger in nations with elastic real loanable funds demands. d. Fiscal policy is usually weaker in nations with elastic loanable funds demands. e. All of the above are true.
What is the purpose of a pollution tax?
What will be an ideal response?