A government-imposed price ceiling set below the market's equilibrium price for a good will produce an excess supply of the good
a. True
b. False
B
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0The economy experienced a recession that lasted from:
A. July 1953 to April 1957. B. May 1954 to April 1958. C. May 1954 to April 1957. D. July 1953 to May 1954.
Refer to Figure 16.1. An increase in the real interest rate is best represented by a movement from
A) point A to point B. B) point B to point A. C) point A to point C. D) point C to point A.
A long run supply curve: a. will rise if diminishing returns are encountered. b. will rise if diseconomies of scale are encountered. c. assumes that all resources are variable
d. is characterized by both (b) and (c).
If the demand curve is very inelastic and the supply curve is very elastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers
a. True b. False Indicate whether the statement is true or false