One way to allocate the scarce good created from an effective price ceiling is to:
A. give them to the friends and family of the producers.
B. offer it on a first-come, first-served basis.
C. ration a certain quantity per household.
D. All of these are examples of allocating using non-price methods.
Answer: D
You might also like to view...
If firms and workers could predict the future price level exactly, the short-run aggregate supply curve would be
A) downward sloping. B) horizontal. C) upward sloping. D) vertical.
Which of the following best describes the way resources are allocated in the U.S. economy?
a) By government. b) By markets. c) By rules. d) By regulations.
The slope of the production function while holding capital fixed is
A. the labor-capital ratio. B. the average product of labor. C. the marginal product of capital. D. the capital-labor ratio. E. the marginal product of labor.
Suppose a large country experiences economic growth which results in an increased willingness to trade. The country's terms of trade will ________ because the increase in demand for imports will cause the price of its exports to ________ relative to the price it has to pay for its imports.
A. worsen; fall B. worsen; rise C. improve; rise D. improve; fall