If the government removes a binding price ceiling from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease.
b. decrease, and the quantity sold in the market will increase.
c. decrease, and the quantity sold in the market will increase.
d. increase, and the quantity sold in the market will increase.
d
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Which of the following statements is false?
A) Anytime you have to decide which action to take you are facing an economic trade-off. B) Every individual, no matter how rich or poor, is faced with making trade-offs. C) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. D) Economics is a social science that studies the trade-offs we are forced to make because of scarcity.
The value added method to measure GDP does not avoid double counting
a. True b. False Indicate whether the statement is true or false
The degree to which an economic system approaches a market economy depends on the degree to which
A. economic choices are made through the free interaction of buyers and sellers in the marketplace. B. there are monopolies in the marketplace. C. people have a high standard of living. D. advanced technology is used.
If the demand curve faced by an individual firm is perfectly elastic, the firm must be a(n)
A. pure monopoly. B. monopolistically competitive firm. C. oligopolistic firm. D. perfectly competitive firm.