A binding price ceiling causes a shortage in the market
a. True
b. False
Indicate whether the statement is true or false
True
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The price index was 150 in the first year, 160 in the second year, and 165 in the third year. Which of the following statements is correct?
a. The price level was higher in the second year than in the first year, and it was higher in the third year than in the second year. b. The inflation rate was positive between the first and second years, and it was positive between the second and third years. c. The inflation rate was lower between the second and third years than it was between the first and second years. d. All of the above are correct.
When reality show participants travel through foreign countries, they are generating a
A. Supply of U.S. dollars and a demand for a foreign currency. B. Demand for U.S. dollars and a supply of a foreign currency. C. Supply of U.S. dollars and a supply of a foreign currency. D. Demand for U.S. dollars and a demand for a foreign currency.
Which of the following statements concerning the supply of labor is true?
A. The wage rate has no effect on the quantity of labor supplied. B. The labor supply curve is downward sloping. C. The supply of labor is determined by the prevailing wage rate. D. The typical labor supply curve is upward sloping.
Explain the differences in economic systems between North and South Korea and the economic outcomes of the two systems
Please provide the best answer for the statement.