Which of the following is true of a price floor?
a. A price floor allows supply and demand to function effectively.
b. A price floor is set such that the price is not allowed to increase above a certain level.
c. A price floor is beneficial to buyers in a market.
d. A price floor usually creates a shortage of a good in a market.
e. A price floor is set such that the price is not allowed to decrease below a certain level.
e
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About what percentage of the U.S. labor force works under union wage contracts?
A) 50 percent B) 35 percent C) 25 percent D) 10 percent
Consider the following data for a nation.YearNominal GDPPrice Index1$3590240100345110448120556140The country's real GDP declined between years
A. 1 and 2. B. 2 and 3. C. 3 and 4. D. 4 and 5.
If a country is a net importer of a good, domestic suppliers will supply ________ of that good after it opens itself to international trade.
A. the same amount B. none C. less D. more
If expectations are “rational,” can the Fed control unemployment?
A. Yes, provided it announces policy in advance. B. Yes, if it affects the aggregate demand curve. C. No, because aggregate supply is vertical even in the short run. D. No, because only fiscal policy can affect unemployment.