Rent controls are an example of a
A) price floor.
B) price ceiling.
C) price floor for the consumer and a price ceiling for the producer.
D) nonprice rationing device.
Answer: B
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In a competitive market with no externalities,
A) the consumer surplus is equal to zero because of competition. B) buyers cannot control the price, so the consumer surplus is zero. C) at the equilibrium price, marginal benefit exceeds marginal cost. D) at the equilibrium price, marginal benefit equals marginal cost. E) at the equilibrium price, the total amount of consumer surplus equals the total amount of producer surplus.
Left shoes and right shoes are perfect complements. An indifference curve for left and right shoes is a line with
A) constant slope. B) a 30-degree angle. C) a 45-degree angle. D) a 90-degree angle.
In 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from ________ based on the state of the federal government's budget deficit
A) "A" to "D" B) "AAA" to "AA+" C) "A+" to "B+" D) "A" to "AAA"
The less interest-sensitive is money demand, the
A) more effective is fiscal policy relative to monetary policy. B) more effective is monetary policy relative to fiscal policy. C) steeper is the IS curve. D) flatter is the LM curve.