A price ceiling set below the equilibrium price will result in a shortage
a. True
b. False
A
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Which of the following lists contains, in this order, natural resources, human capital, and physical capital?
a. For a restaurant: the land the restaurant was built on, the money it borrowed to buy supplies, the freezers where the chops and steaks are kept. b. For a furniture company: wood, the skills and knowledge of its workers, saws. c. For a railroad: fuel, railroad engines, railroad tracks. d. None of the above is correct.
There is a shortage of quantity demanded over quantity supplied when
A. market price is above equilibrium price. B. market price equals equilibrium price. C. market price is below equilibrium price.
The funding of public education is
A. provided by Social Security. B. a private program. C. done by voluntary contributions. D. a subsidy program.
Deflation is a:
A. sustained fall in the aggregate price level. B. sustained increase in the aggregate price level. C. steady, unchanging aggregate price level. D. steady fall in the exchange rate.