Price ceilings which lead to shortages will impose costs on society because they
A. will lead to long waiting lines
B. may result in black market prices, which are higher than the market-determined price would be.
C. lead to a smaller quantity offered on the market.
D. do all of the above.
Ans: D. do all of the above.
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Which of the following is a characteristic of monopoly?
A) The firm faces competition from many other firms. B) The firm produces a product that has many close substitutes. C) There are barriers to enter the market. D) The firm's demand is perfectly elastic. E) The firm produces a product identical to that produced by its many competitors.
The 1920s is sometimes described as the decade representing the emergence of "mass society." This refers to developments in all of the following except
(a) Production methods and communication systems (b) Consumption patterns and installment credit (c) Attitudes and culture (d) There is no "except"; all of the above are part of the emergence of "mass society"
Two Harvard economists, Robert Barro and Rachel McCleary, have researched the role that ________________ plays in economic growth
A) religion B) meta-ideas C) technology D) human resource development
Exchange rates affect:
I. international trade flows. II. international investment flows. III. corporate earnings. a. I b. II and III c. I and II d. I, II, and III