Refer to the figure above. Which of the following is likely to happen if a price control of $40 is imposed?
A) There will be a surplus of 10 units in the market.
B) There will be a shortage of 10 units in the market.
C) There will be a surplus of 20 units in the market.
D) There will be a shortage of 20 units in the market.
D
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In an economy, investment is most likely to be dependent on:
A) the short-run real interest rate. B) the long-run real interest rate. C) the long-run nominal interest rate. D) the short-run nominal interest rate.
Which statement is true?
A. William Julius Wilson and Charles Murray are basically in agreement about the causes of the formation of a permanent underclass. B. The permanent underclass has more white members than black members. C. There is very little evidence to show that there is actually a permanent underclass. D. There are more poor whites than poor blacks in the United States.
The variables on the vertical and horizontal axes of the aggregate demand and supply graph are
a. the price level and real output. b. real output and employment. c. employment and the inflation rate. d. the value of money and the price level.
What phrase best describes medical care spending in the United States in 2015?
a. The total spending of more than $2 trillion represents 16 percent of GDP and almost $7,500 per person. b. The total spending of more than $3 trillion represents over 17 percent of GDP and approximately $10,000 per person. c. Total spending is rising at double-digit rates and spending is soaring to approximately $8,000 per person. d. Total spending is under control and represents a shrinking percentage of GDP. e. The total spending of $1.5 trillion represents 13.6 percent of GDP and almost $5,000 per person.