In order to be binding, a price ceiling
A) must be high enough for firms to earn a profit.
B) must coincide with the free market equilibrium price.
C) must lie below the free market equilibrium price.
D) must lie above the free market equilibrium price.
C
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Suppose hypothetically that the consumer price index (CPI) was 150 in Year 1 and was 180 in Year 2 . What would be the inflation rate for this period?
a. 12 percent. b. 16.7 percent. c. 20 percent. d. 30 percent.
GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies
a. 1960 b. 1970 c. 1980 d. 1990 e. 2000
To determine whether a particular good is a normal good, a luxury good, or an inferior good, you would want to observe what happens to demand for the good when __________ changes.
A. supply B. the price of raw materials C. price D. income
Approximately how many commercial banks are now operating in the United States?
A. About 7,300. B. About 6,000. C. About 8,500. D. About 6,800.