Price ceilings set a legal maximum price on a product or commodity.
Answer the following statement true (T) or false (F)
True
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If initially the money supply is $1 trillion, velocity is 5, the price level is 1, and real GDP is $5 trillion, an increase in the money supply to $2 trillion
A) increases real GDP to $10 trillion. B) causes velocity to fall to 2.5. C) increases the price level to 2. D) increases the price level to 2 and velocity to 10.
According to the doctrine of liberalism, principles of justice are the result of
a. fair agreement and bargain. b. command-and-control policies. c. domination of the powerful by the weak. d. workers owning the factors of production.
Market clearing price
A) refers to a movement along the demand curve. B) refers to a supply curve. C) exists at a the point at which quantity demanded equals quantity supplied. D) refers to a surplus.
A 30-year-old stay-at-home son tells his parent he is looking for work but cannot find a job. When the parent finds the son a job, he refuses to take it. The 30-year-old can best be classified as
A. Underemployed. B. Phantom unemployed. C. Structurally unemployed. D. A discouraged worker.