A price ceiling can result in which of the following?
A) inefficiency
B) black markets
C) increased search activities
D) All of the above answers are correct.
D
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Which of the following correctly defines the term "equilibrium"?
A) It refers to analysis that uses data to arrive at conclusions. B) It refers to a situation where all agents are simultaneously optimizing. C) It refers to an optimizing decision made by an individual economic agent. D) It refers to government intervention that efficiently allocates scarce resources.
The activities in which U.S. workers are relatively more productive
A) pay higher wages. B) are those in which the United States has a comparative advantage. C) are at risk of disappearing from the United States when NAFTA is completed. D) Both answers A and B are correct.
Refer to Table 9-7. Fill in the following table with the opportunity costs of producing handbags and jackets for Cambodia and Thailand
Handbags Jackets Cambodia Thailand
Explain why ensuring economic stability is an economics function of government?
What will be an ideal response?