A shortage results when a
A. nonbinding price ceiling is removed from a market.
B. binding price ceiling is imposed on a market.
C. nonbinding price ceiling is imposed on a market.
D. binding price ceiling is removed from a market.
B. binding price ceiling is imposed on a market.
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Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. If the exchange rate between apples and oranges in international markets is 1 ton of apples per 3 tons of oranges: a. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export oranges to other
countries. b. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export apples to other countries. c. Karl and Adam will trade apples and oranges with one another. d. Karl and Adam will not specialize or engage in international trade.
Two variables are independent if as one variable __________, the other variable __________
A) rises; rises. B) falls; falls. C) rises; falls. D) changes; does not change.
Billionaires get most or all of their income from
A. wages and salaries. B. property. C. government transfer payments.
The most likely reason politicians don't appear to economists to look at policy issues in a cost/benefit framework is that:
A. politicians are focusing on the long-run effects of policies rather than the short-run effects. B. politicians don't make rational decisions. C. politicians are not economists. D. the marginal costs and marginal benefits facing the politician are not necessarily the ones facing society.