The government sets price ceilings when society believes that the market price for a particular good or service is too high
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Efficiency is an important social goal because:
A. movements toward economic efficiency make the total economic pie larger. B. it assures a normative outcome. C. it assures a fair outcome. D. it takes into consideration the distribution of income.
Which of the following statements is true?
A) The basis for both first-degree price discrimination and third-degree price discrimination is differences in the buyers' willingness to pay for a good. B) The basis for both first-degree price discrimination and third-degree price discrimination is differences in the sellers' willingness to accept payment for a good. C) The basis for first-degree price discrimination is differences in willingness to pay, whereas the basis for third-degree price discrimination is differences in the sellers' willingness to accept payment for a good. D) The basis for first-degree price discrimination is differences in the seller's willingness to accept payment for a good, whereas the basis for third-degree price discrimination is differences in buyers' willingness to pay for a good.
Suppose the exchange rate between the U.S. dollar and the French franc is 0.25 francs per dollar. If a television sells for 100 francs in France, what is the dollar price of the television set?
A) $400 B) $25 C) $50 D) $200
Nominal GDP is calculated by using
a. prices set in a base year. b. average prices in all major cities. c. current prices d. prices charged by initial producers.