A price ceiling is
A. a minimum price set by government that sellers may charge for a good.
B. the minimum price that consumers are willing to pay for a good.
C. the difference between the initial equilibrium price and the equilibrium price after a decrease in supply.
D. a maximum price set by government that sellers may charge for a good.
Answer: D
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An externality
A) may be positive or negative. B) means a rapidly rising cost borne by consumers. C) is the cost of producing a good outside the United States. D) is the indirect cost, the overhead, of producing a product.
Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point. b. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
A decrease in the price level in Japan will shift the U.S. aggregate demand curve outward
a. True b. False Indicate whether the statement is true or false
The rate of unemployment tends to be highest for:
a. White teenagers b. White adult males c. Black adult males d. Black teenagers