Lines at gas pumps were caused by _____________ in the 1970's.
A. price floors
B. price ceilings
C. market equilibrium
D. increased demand
B. price ceilings
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C = $750 + 0.75(1 - 0.4)y i = $600 g = $500 nx = -$50
Use the above data to: a. Calculate the equilibrium level of GDP b. Calculate the value of the expenditure multiplier c. Find the change in the initial equilibrium GDP if autonomous investment increases by $75. d. Find the change in the initial equilibrium GDP if autonomous government purchases decreases by $50. e. Find the change in the initial equilibrium GDP if autonomous net exports increase by $10.
The concept of price elasticity is applied to changes in:
A. quantity demanded, but not quantity supplied. B. quantity supplied, but not quantity demanded. C. both quantities supplied and quantity demanded. D. neither quantity supplied nor quantity demanded.
Which of the following would NOT be a short-run decision for the firm?
A) Recall workers who were previously laid-off. B) Have labor work two hours overtime each day in order to expand output C) Build another wing on the plant in order to add a new assembly line. D) Place an order with a supplier for additional raw materials.
What branch of economics is concerned with the effects of nutrition labeling on the dietary quality of consumers (i.e., what-if types of questions)?
What will be an ideal response?