Price floors cause ______.
a. surpluses
b. shortages
c. scarcity
d. equilibrium
a. surpluses
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Gregory is considering attending a concert with a ticket price of $40. He estimates that the cost of driving to the concert and parking there will add an additional $20
In order to attend the concert, Gregory will have to take time off from his part-time job. He estimates that he will lose 5 hours at work, at a wage of $8 per hour. Gregory's opportunity cost of attending the concert equals A) $80. B) $100. C) $40. D) $60. E) $20.
The supply curve is the same as another curve. What other curve is the same as the supply curve? Why are the curves the same?
What will be an ideal response?
Attempts to fine-tune the economy through shifts in fiscal and monetary policy
A) cannot alter the level of unemployment but may change the price level. B) may not do any good but certainly do no harm. C) produce greater stability, but only at the cost of an ever-increasing national debt. D) will increase rather than reduce instability if the policy makers lack adequate information.
According to the Rybczynski theorem, if a country increases its endowment of capital and prices remain constant, then its output of both the capital and labor intensive goods will rise
Indicate whether the statement is true or false