With price rationing, those who are both able and willing to pay for a product get it.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true?
A) Eliminating its tariffs and quotas unilaterally would not benefit the United States because this would remove the leverage it would have to persuade other countries to eliminate their trade restrictions. B) Economic efficiency would be increased if the United States eliminated all of its trade restrictions, but only if all other countries eliminated their trade restrictions too. C) The U. S. economy would gain from the elimination of its tariffs but not from the elimination of its quotas. D) The U.S. economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.
If economic losses exist in a monopolistically competitive market,
a. new products will be introduced. b. new firms will enter the market because they see potential for profit in the future. c. firms will exit the market and the existing firms' demand curves will shift to the left. d. the average total cost curve must lie below the demand curve. e. firms will exit the market and existing firms' demand curves will shift to the right.
The Federal Reserve:
A. is the central bank of the United States. B. sets the budget for the U.S. government. C. is appointed by the president of the United States. D. is responsible for funding federal spending.
Suppose the population is 250 million people, the labor force is 150 million people, the number of people employed is 130 million and the working-age population is 200 million people. What is the unemployment rate?
A) 8.0 percent B) 10.0 percent C) 13.3 percent D) 20 million E) 15.4 percent