A price restriction that tells suppliers the minimum price they can sell their goods for is also known as
A) a price ceiling.
B) a quota.
C) a price floor.
D) deadweight loss.
A
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Suppose a person calculates her permanent income by adaptive expectations. Last year's permanent income was 38,000, this year's actual income is 41,000, j = 0.30, and k = 0.86. What is her consumption expenditure this year?
A) 30,422 B) 12,174 C) 40,226 D) 38,774 E) 33,454
Phoenix furniture uses 12 workers, each working eight hours, to produce 192 rocking chairs. What is Phoenix's productivity?
a. 192 rocking chairs b. 24 rocking chairs per hour c. 2 rocking chairs per hour d. 2 hours per rocking chair
A World View article titled "The Best Global Brands" discusses the value of brand names. Establishing brand loyalty can do all of the following except
A. Improve resource allocation efficiency. B. Become a valuable economic asset. C. Increase demand for the product. D. Decrease the price elasticity of demand for the product.
In a market-based economy, only the government can reduce economic uncertainty
Indicate whether the statement is true or false