In what way is the result of a subsidy given to either demanders or suppliers similar to the result of a price ceiling?
a. The amount that consumers pay for the good will be less than they previously paid
b. The amount of the good that will be traded in the market will be less than previously traded
c. both price ceilings and subsidies create excess demand
d. The amount that consumers pay for the good will be greater than they previously paid
e. both price floors and excise taxes create excess supply
A
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Which of the following does not determine a good's price elasticity of demand?
a. the time interval considered b. the number of substitutes there are for the good c. expenditures on the good as a percentage of the total consumer budget d. the slope of the demand curve e. the more of a luxury a particular good is
Denmark's gross national product in 2003measures the market value of
a. all final goods and services produced in Denmark in 2003 b. all goods and services produced in Denmark in 2003 c. all final goods and services produced in 2003 by Danes regardless of where they're located d. all goods and services produced by Danes in Denmark in 2003 e. all final goods and services by Danes in Denmark in 2003
If the wage is kept above the equilibrium wage for any reason, the result is
a. cyclical unemployment. b. frictional unemployment. c. seasonal unemployment. d. structural unemployment.
Putting money into mental categories can:
A. help people organize their expenditures. B. cause irrational behavior. C. cause people to take risks they wouldn't otherwise take. D. All of these are true.