Price ceilings are intended to address the problem of
A. Business bankruptcies.
B. Inefficiency in production.
C. Inequity in the distribution of goods and services.
D. Shortages.
Answer: C
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Suppose that M = 300, P = 150, and Y = 6. Then the velocity of circulation equals
A) 0.02. B) 0.50. C) 2.00. D) 3.00.
"Sharp contractions in a country's output and employment invariably result from a crisis in which the country suddenly loses access to all foreign sources of funds." Explain how the current account identity necessitates these contractions
What will be an ideal response?
Suppose we are working with the simplest possible Keynesian-cross multiplier, but with the permanent-income hypothesis figured in. If k = 0.88,
and j = 0.25, the multiplier of a $1 change in government spending goes from ________ in the short run to ________ in the long run. A) 8.33, 1.28 B) 1.28, 8.33 C) 8.33, 4.00 D) 1.13, 4.00 E) 4.54, 8.33
An exclusive legal right as sole producer for 20 years granted to an inventor of a product is called a:
A. Copyright B. Franchise C. Patent D. License