Which of the following is false?
A) When the U.S. government imposed price ceilings on gasoline, the result was a surplus of gasoline.
B) When the U.S. government imposed price ceilings on gasoline, the result was a shortage of gasoline.
C) If a price ceiling is imposed below the equilibrium price in a given market, the result is a shortage in that market.
D) First-come-first-served is a commonly used rationing device.
A
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Refer to Table 9-10. Fill in the following table with the opportunity costs of producing bows and arrows for Tran and Farah
Pens Pencils Tran Farah
Work is an attractive use of your time
a. if the utility of consumption made possible by work exceeds the disutility of work itself b. whenever you are paid a wage equal to or greater than the minimum wage c. whenever you derive utility from the consumption made possible through work d. unless time spent working is a source of disutility e. only when marginal utility is negative for an additional unit of leisure
The production possibilities frontier is used to illustrate some basic economic ideas, including
a. scarcity. b. opportunity cost. c. economic growth. d. All of the above are correct.
A house is $100,000, a computer is $2,000, and a car is $20,000. In this context, money is principally functioning as a
A) unit of account. B) store of value. C) medium of exchange. D) none of the above