The rationing function of prices refers to the fact that government must distribute any surplus goods that may be left in a competitive market.
Answer the following statement true (T) or false (F)
False
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Suppose regulators impose a price ceiling on a monopoly. If the price ceiling is set too high
a. deadweight loss will be eliminated. b. deadweight loss will be reduced. c. deadweight loss will be increased. d. deadweight loss will not be affected.
The law of supply states that an increase in supply is represented graphically as a rightward shift of the supply curve
a. True b. False Indicate whether the statement is true or false
When a country imposes an import quota, its
a. imports fall and its net exports rise. b. imports fall and its net exports are unchanged. c. imports rise and its net exports are unchanged. d. imports and exports are unchanged.
The so-called Great Recession in the U.S.:
A. Is another name for the Great Depression B. Was the worst economic downturn since the Great Depression C. Was triggered by oil-supply shocks D. Was caused by a sharp increase in the value of the U.S. dollar