Compliance with wage and price controls by unions and businesses is strictly voluntary
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is a characteristic of a market where a price floor is in place?
A. The market quantity demanded exceeds the market quantity supplied. B. Fewer regulations are needed since the government sets the price. C. Fewer units are purchased than would be the case without the price floor. D. A smaller number of sellers than in markets without price floors.
A key insight of the public choice model is that public policymakers are likely to pursue the public's interest, even if their self-interests conflict with the public interest
Indicate whether the statement is true or false
Historically barriers to development in the U.S., such as the dry deserts of some of the country's western states, have been solved by
(a) only government action. (b) only private action. (c) a blend of government and private actions. (d) foreign expertise.
In calculating GDP using the expenditure approach, the largest component is
A. consumption spending. B. investment spending. C. government spending. D. spending on durable goods.