An effective price ceiling occurs when
A) the government sets a maximum price for a good above the equilibrium price.
B) the government sets a minimum price for a good above the equilibrium price.
C) the government sets a minimum price for a good below the equilibrium price.
D) the government sets a maximum price for a good below the equilibrium price.
Answer: D
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Labor productivity equals
A) the total production of labor. B) real GDP. C) real GDP divided by the amount of human capital. D) real GDP per hour of labor. E) the quantity of labor hours divided by real GDP.
Which term refers to a labor union and a firm negotiating over wages or benefits?
a. Collective bargaining b. Mediation c. Arbitration d. Cooperative bargaining
When a firm is a price-taking firm,
A. raising the price of the product above the market-determined price will cause sales to fall nearly to zero. B. many other firms produce a product that is identical to the output produced by the rest of the firms in the industry. C. the price of the product it sells is determined by the intersection of the market demand and supply curves for the product. D. all of the above
The largest increase in the federal budget deficit during the following periods was from
A. 1974-1977. B. 1977-1980. C. 1980-1983. D. 1983-1986.