A regulation that sets the highest price at which it is legal to trade a good is a
A) production quota.
B) price floor.
C) price support.
D) price ceiling.
E) subsidy.
D
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An oral auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above
Increases in the quality and quantity of an economy's resources have little effect on its potential output in the long run
a. True b. False Indicate whether the statement is true or false
Which of the following offers theories to explain why the government, like the private sector, may also "fail"?
A. social economics B. public choice theory C. rational expectations theory D. Keynesian economics
The ratio of the marginal utility of tea to the marginal utility of scones is six for an individual maximizing utility. This implies that
A. the tea to scones price ratio is six to one. B. the tea to scones price ratio is one to six. C. a scone is six times more valuable than a cup of tea. D. this person always eats scones with tea.