Restrictions on the movement of prices, even if well-intentioned
A) Interfere with price signals, creating surpluses or shortages
B) Helped spur gasoline production in the U.S. in the 1970s
C) Were rarely if ever used before the 1970s
D) Promote innovation through the protection of key industries
Answer: A) Interfere with price signals, creating surpluses or shortages
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The name economists give the process by which stockholders gather information by frequent monitoring of the firm's activities is
A) costly state verification. B) the free-rider problem. C) costly avoidance. D) debt intermediation.
Which economist is credited with having been the first to discuss the "lemons problem"?
A) George Akerlof B) Milton Friedman C) Robert Shiller D) James Tobin
Geographically, a higher percentage of the poor live in the
a. Northeast. b. South. c. Midwest. d. West.
Refer to the below table. The largest decline in total revenue will occur when price falls from:
Answer the question based on the following table which shows a demand schedule.
A. $5 to $4
B. $4 to $3
C. $3 to $2
D. $2 to $1