Which statement is FALSE?
A. Rent control is a price ceiling.
B. Usury laws can lead to a surplus of loanable funds.
C. The government, to encourage family farms to stay in business, created price supports for corn and wheat.
D. Price ceilings prevent prices from rising.
B. Usury laws can lead to a surplus of loanable funds.
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The price elasticity of demand is -1.5. The price elasticity of supply is 1.5. The fraction of a specific tax that is borne by producers is ________
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1
The total value of all final goods and services produced in the economy during a given year, measured in current market prices, is
a. gross national product b. gross domestic product c. net national income d. economic growth e. aggregate demand
People benefit by participating in the market because
A. Market participation allows individuals to specialize and, with trade, ultimately consume more. B. Resources are no longer limited. C. Participants in the market do not have to make choices. D. There are always participants in the market that are more efficient than you are in production.
Describe what has happened to state obesity rates in the United States since 1994
What will be an ideal response?